Last Thursday, January 22, the Venezuelan Parliament approved in its first reading the Draft Partial Reform of the Organic Hydrocarbons Law.

According to the country’s National Assembly, “the draft maintains the status of an organic law, but proposes relevant changes aimed at modernizing the oil model.”

Although the draft was approved, it must still undergo a public consultation phase. After that process, it moves to a second discussion, conducted article by article, before being approved and enacted before formally entering into force.

Parliament made it clear that the main objective of the reform is to “modernize the legal framework for the oil sector to adapt it to the new economic reality and changes in the international energy market,” focusing on creating conditions that will allow for “an accelerated increase in crude oil production.”

Furthermore, the sector seeks to incentivize foreign investment in strategic projects, as well as “incorporate more flexible business models, taking as a reference mechanisms linked to the Constitutional Anti-Blockade Law.”

The National Assembly made it clear that redefining the role of the State within the operational structure of the oil sector is fundamental.

M.Pino

Source: hinterlaces

(Reference image source: Aleksey Malinovski on Unsplash)

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La entrada Venezuela announces partial reform of the organic hydrocarbons law apareció primero en Bitfinance.

A recent agreement between the Inter-American Development Bank (IDB) and the Central Bank of Paraguay (BCP) will allow for sustained progress toward the modernization of the country’s financial system through the adoption of International Financial Reporting Standards (IFRS).

The South American country signed this agreement with the goal of “strengthening financial transparency, aligning the accounting practices of the Paraguayan banking system with international standards, and facilitating integration with global markets.”

The project, with an estimated duration of 18 to 24 months, includes a technical assessment to identify accounting, regulatory, and technological gaps. It also includes training for strategic staff, public-private discuss tables, and simulations of the impact on financial statements.

Ultimately, the project will be able to design a strategic roadmap for a gradual and sustainable transition to IFRS, an initiative framed within the IDB’s Capacity Building, Asset Management, and Advisory Services (CAsA) Program, effective July 2024, which supports central banks in Latin America and the Caribbean through technical assistance and institutional strengthening.

The Central Bank of Paraguay will be responsible for developing two complementary projects: “the adoption of IFRS, led by the Superintendency of Banks, and the implementation of a Risk-Based Supervision approach, led by the Superintendency of Securities,” aimed at “maximizing synergies in modernizing the regulatory framework and strengthening the technical supervisory capacity of the financial system.”

M.Pino

Source: finanzasdigital

(Reference image source: Tobias Meza on Unsplash)

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La entrada Paraguay receives IDB support in financial modernization process apareció primero en Bitfinance.

The transition to digitization of the US Treasury payment system will begin soon, after President Donald Trump signed the executive order for this process.

Digitization is a fundamental factor in increasing the efficiency and transparency of payments. Aware of this, Trump signed the executive order that seeks to “centralize and digitize the government’s financial operations, a step that seeks not only to improve efficiency but also to adapt to global trends toward financial digitization.”

Faster and more secure payments

Soon, Treasury payment processes will be “faster, more secure, and more transparent for all parties involved.” The decision may also have positive effects on “the way financial institutions interact with cryptocurrencies and other blockchain innovations.”

In this context, where adaptability to current developments and needs is crucial, Trump signed two executive actions last Tuesday, March 25, ordering the U.S. Treasury to “use electronic payments whenever possible, instead of paper checks. He also asked the U.S. government to centralize payment processing within the Treasury Department as an additional measure to reduce fraud and waste,” according to Bloomberg.

The Treasury will suspend the paper check mission

It was announced that the federal government will stop issuing paper checks for intragovernmental payments, benefits, vendor payments, and tax refunds, following the White House authorization. Instead, executive departments and agencies will make direct deposits, debit and credit card payments, payments through digital wallets, real-time transfers, and other electronic funds transfer (EFT) methods.

The president is confident that through effective digitization, better control and oversight of transactions will soon be realized.

M.Pino

Source: diariobitcoin

(Main reference image source: Tabrez Syed on Unsplash)

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La entrada Trump signs order to expedite digitization of Treasury payment system apareció primero en Bitfinance.