Venezuelan President Nicolás Maduro issued a 60-day economic emergency decree covering 10 key areas.

The president detailed the key points of this measure, which also includes the suspension of the constitutional guarantee of legal reserves in economic, financial, and monetary matters.

Emergency measures

1. Exceptional and temporary regulations that are necessary to restore economic balance and protect the rights of the population.
2. General suspension of the application and collection of national, state, and municipal taxes, as well as related administrative procedures, in order to protect the national productive apparatus.
3. Concentrate the collection of taxes and special contributions created by law in the National Treasury and redirect available resources from all existing funds as of today’s decree, this Tuesday, April 8.
4. Establish extraordinary mechanisms to combat tax evasion and avoidance.
5. Suspend the application of national tax exemptions and proceed with their collection.
6. Establish mandatory mechanisms and percentages for the purchase of national production to promote import substitution.
7. Adopt all necessary measures to stimulate national and international investment “for the benefit of the development of the productive apparatus, as well as the export of non-traditional products as a mechanism for generating new sources of employment, foreign currency, and income.”
8. Authorize contracts that are necessary to guarantee the restoration of the population’s fundamental rights.
9. Authorize expenditures from the National Treasury and other sources of financing not provided for in the annual budget.
10. Issue regulations that, exceptionally and without any obligation to any other public authority, authorize public credit operations, their rescheduling, and supplements not provided for in the Special Debt Law, as well as those that allow for an increase in the maximum amounts of debt that the Republic may incur.

M.Pino

Source: bancaynegocios

(Reference image source: Jakub Żerdzicki en Unsplash)

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The European Union (EU) decided to officially adopt the regulation that establishes that community gas tanks must be loaded to at least 80 % of their capacity by next fall, and also requires sharing the tocks between the EU countries with the purpose of mitigating the impact caused by the total disruption of gas supply by Russia.

The Council of the European Union formally took the measure at the Council of Energy Ministers of the twenty-seven and considers that “this is an important step to strengthen the security of the EU’s energy supply in the context of the war in Ukraine.”

The rule that was negotiated for two months and agreed by the European Parliament establishes: “Underground gas storage in the territory of the Member States must be filled to at least 80 % of their capacity before the winter of 2022-2023 and by 90 % before the following winter periods.”

Storage represents a financial burden

According to the provisions of the legal norm, those member countries that do not have the necessary facilities to store gas within their territory must accumulate “15 % of their annual internal gas consumption in reserves located in other countries”, having to face the “financial burden that this solidarity mechanism supposes”.

In general terms, the EU aims to collectively load 85% of its underground gas storage capacity in 2022, while it currently only has a storage capacity equivalent to 55.71 % of its deposits.

The regulations also establish an exception for Cyprus, Malta and Ireland as long as they are not directly interconnected with the gas system of other Member States.

M. Rodríguez

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Source: bancaynegocios.com

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American Bank decided to partner with Bakkt Holdings Inc. in order to use its connection solutions that will allow its banking users to have a channel to buy, sell and guard the most relevant cryptocurrencies in the ecosystem such as Bitcoin and Ethereum.

The financial institution, American Bank, based in Allentown, is a community bank that aims to serve customers in the Lehigh Valley with 25 years of experience offering deposit products, loans and convenient services to meet the needs of consumers and companies.

While Bakkt Holdings Inc. is an American corporation listed on the New York Stock Exchange and operates a technology platform that enables consumers, businesses, and institutions to unlock the value of digital assets.

The alliance of both companies will allow users to satisfy their needs and interests about cryptocurrencies, as well as maximize educational materials and services of institutions to produce easy and more profitable access to cryptocurrencies for customers.

“Bakkt’s strong capabilities create an entry point for us to drive engagement with our customers and seamlessly integrate cryptocurrency into our existing digital banking platform,” said Mark Jaindl, CEO of American Bank. We are proud to say that we will be the first Lehigh Valley-based bank to offer access to cryptocurrencies.”

Users will prefer cryptocurrencies

Market research reveals that consumers prefer to access different cryptocurrencies from their current or traditional bank, and it is precisely this premise that drives the financial institution American Bank to make its alliance with Bakkt with the purpose of offering “a “simple access ramp”. access to cryptocurrencies” within their trusted banking relationship.”

The financial entity also considers that banks have little time to design and develop strategies for the adoption of cryptocurrencies or risk being left behind and not evolving with market demands.

For her part, Bakkt Chief Revenue Officer Sheela Zemlin highlighted that “savings and investment habits of consumers are constantly fluctuating, but more than ever we are seeing consumer intrigue and interest in cryptocurrency grow.”

M. Rodríguez

Source:blockchainjournal.news

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Cisco has shared during the Mobile Word Congress event the details of its Private 5G offer, designed to boost productivity in companies, which will be provided through global service providers and system integration partners.

Cisco Private 5G is a managed ‘as a service’ offering that brings the private 5G network to organizations, simplifying its adoption and reducing technical, financial and operational risks for a full range of use cases. It includes factory floors, supply chain, universitise and corporate campuses, and hospitals.

For Cisco, private 5G “is not a substitute” for the investments that companies have already made in WiFi, Ethernet transport and management systems, but “a complement” to them. Therefore, its offer integrates with existing business systems, including Wi-Fi 5/6/6E, as reported in a statement.

Customers in the education, entertainment, lodging, manufacturing, and public sectors are already working with a variety of service providers and Cisco partners to deploy private 5G, including Airspan, Logicalis, NEC Corporation, DISH, Zebra Technologies, and Colt Technologies.

IoT and open RAN

Cisco has also announced an enhanced management platform for the massive Internet of Things (IoT), which will help service providers manage LPWAN/4G/5G connectivity for new and emerging use cases such as metering, medical devices and agricultural sensors.

Cisco IoT Control Center, which currently manages nearly 200 million devices across all licensed cellular networks (LPWAN/4G/5G), has added a new connectivity management suite, delivered as a subscription service to through service providers.

Cisco and Rakuten have also signed a strategic collaboration agreement to accelerate open RAN.

Source: dpa

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The cryptocurrency exchange Gemini established a strategic alliance with Bancolombia with the aim of expanding in Latin America. Following the agreements made with the Financial Superintendence of Colombia (SFC), it will allow, as of December 14, the purchase and sale operations of various cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The association will be carried out as part of a one-year pilot program led by Colombia’s financial regulator, where users will be able to negotiate cryptocurrencies directly with Gemini. Bancolombia will facilitate the use of their savings or checking accounts to finalize the process of purchase through their digital channels or transfer the money they have in Gemini to their associated account at the financial institution.

Cristina Arrastía, Vice President of Business at Bancolombia pointed out: “Bancolombia does not intervene in the crypto-assets negotiation process, but will serve as a channel to facilitate it.”

Not all bank clients will be able to participate in the pilot test, as indicated by the financial institution, only current clients selected by criteria such as the level of knowledge regarding cryptocurrencies will participate.

The pilot program will be deployed in four phases, each of which involves the invitation of new clients that will be added to the previous phases, as a strategy to control the number of participants. It is estimated that during the four phases the 5,000 clients stipulated by the SFC will be met.

M. Rodríguez

Source: larepublica.co

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The exchange Binance recently launched a new tool with which all its clients will be able to carry out tax reports adapted to the needs of their users and complying with the requirements established by the different regulatory bodies.

In recent months, the exchange house has had some discrepancies with the regulatory entities of different countries that are forcing it to take measures to improve the situation. One of the actions taken was the hiring of Jonathan Farnell as Chief Compliance Officer.

Another measure was the launch of the new system for fiscal and tax reports. With this tool, clients of the exchange house can monitor all their assets and ensure compliance with the regulatory requirements established by their country.

However, the company stressed that it does not provide financial or tax advice. Therefore, each user will depend on the legal framework assigned in their territory, but the fact of using or carrying out transactions with cryptocurrencies could mean paying taxes.

The new tool is available, for all clients, on their website, accessing the application in API accounts. The tool has two main uses: transferring the user’s transaction history along with capital gains and losses records. This option facilitates the direct registration of customer information without the need to edit it for presentation to a third party.

It can also be used to obtain a description, in real time, of the local tax obligations of each user. Using the Binance API, the transaction history and records of a financial year can be extracted in order to present it to the regulators of each nation.

M. Rodríguez

Source: bitcoin.es

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The mobile application specialized in financial and administrative services Shasta incorporated the Bizum and PayPal platforms as new methods for the aggregation of funds. Both platforms offer the services of sending and receiving financial disbursements in different parts of the world.

The Spanish banking sector has an instrument that allows you to send and request money, called Bizum, while PayPal is the most widely used tool worldwide for the same purpose. Both tools recently became part of Shasta App, but in order to use them correctly it is mandatory to follow the following recommendations.

The first action that users must execute, to enjoy these services, is the selection of the button called ‘Funds’, which will allow the screen to add funds to the account to appear.

Next, you must choose to add money, which will take you to the screen where the various options for attaching funds will be displayed. In the option: ‘Alternative Methods’, users will be able to select any of the two new platforms, that is, Bizum or PayPal.

Subsequently, and once the platform for sending and receiving money has been selected, it is necessary to enter the amount that the person wants to incorporate into the Shasta wallet and finally it is essential to confirm the operation.

With the incorporation of these new toold in the Shasta wallet, clients have greater options and facilities to efficiently manage their personal finances.

M. Rodríguez

Source: bancaynegocios.com

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The Deputy Governor of the Central Bank of Ghana (BoG), Maxwell Opoku-Afari, reported that the institution will undertake, in September this year, a pilot program for the ‘digital cedi’, the country’s official currency. The announcement was made as part of a meeting on understanding monetary policy in a post-pandemic era.

According to Opoku-Afari, the digital currency project is part of the financial entity’s recognition of the need for digital payments and the digitization of financial services.

It is estimated that the CBDC program will facilitate the transformation of the country. In the opinion of the lieutenant governor, “a digital currency could promote financial inclusion, the efficiency and stability of the payment system, as well as encourage competitiveness in the financial sector.”

It is of great importance, for the institutional representative, that the digital currency has all the security mechanisms and hence the need to carry out a pilot test, called “sandbox”, which allows exercising and reviewing the processes before offering it to the public.

Opoku-Afari was emphatic in stating that “digital cedi would be seen as a fiat currency that could be used by financial services and fintechs to add value to digital money.”

Cryptocurrencies are not legal tender in Ghana, but digital currency efforts show that the country’s financial institution is seeing the need to digitize the financial system.

It should be mentioned that in May of this year the country’s regulators made a statement stating that cryptocurrencies “are illegal in the country and are not regulated” by the Commission.

M. Rodríguez

Source: diariobitcoin.com

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