Cryptocurrencies, especially tether (USDT), have become an alternative for the private sector in Venezuela given the low availability of dollars.

In this sense, the private sector uses tether for transactions through authorized banks that offer these transactions to local companies. To do so, “they must have digital wallets endorsed by the government and pay in bolivars.”

Given the drop in foreign currency injections from the Central Bank of Venezuela, which stood at 14% so far this year compared to 2023, according to private estimates, companies are turning to digital currencies.

In August, Vice President Delcy Rodríguez indicated that “new exchange rate management mechanisms are being implemented, without providing further details.” Meanwhile, “analysts consulted indicate that a portion of oil exports are already being paid in USDT and that these funds are being channeled into the market.”

According to data reported by Ecoanalítica, in July, “$119 million in cryptocurrency was circulated for the private sector.” In their daily activities, companies “can use USDT to import supplies, pay suppliers abroad, or convert them into dollars.”

M.Pino

Source: finanzasdigital

(Reference image source: DrawKit Illustrations on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Cryptocurrencies are an alternative to the lack of foreign currency in Venezuela apareció primero en Bitfinance.

The fusion of cryptocurrencies and the sports industry is not something new. Tether joins this trend with the recent purchase of a minority stake in Juventus FC.

The goal of this investment is to integrate cryptocurrencies into daily life and revolutionize the sports sector.

According to reports, the company, responsible for the largest stablecoin in the world (USDT), declared net profits in 2024 of $13 billion, thereby consolidating its position in the market.

“The investment in Juventus marks a significant step in Tether’s expansion beyond the crypto ecosystem.” According to Paolo Ardoino, CEO of the company, “this acquisition is part of an effort to combine emerging technologies, such as digital assets, artificial intelligence (AI) and biotechnology, with traditional industries such as sports.”

The company wants to delve into the exploration of innovative collaborations and the potential to revolutionize the global sports landscape. Hence, its decision to invest in Juventus FV, ​​which “could open up new opportunities for the adoption of cryptocurrencies in professional sports. From sponsorship deals to blockchain-based payment solutions, this partnership could boost the tokenization of sports assets and new forms of interaction with fans.”

M.Pino

Source: diariobitcoin

(Reference image source: DrawKit Illustrations on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Tether acquires a minority stake in Juventus FC apareció primero en Bitfinance.

The firms Iver von Borries and Javier Romero Mendizábal, in Bolivia, presented to the Senate the proposal to legally recognize the Tether index for financial operations due to the difficulty of maintaining the local currency, the boliviano, in the framework of the current economic situation.

However, the proposal would require a modification of Law 2434, which allows the legal recognition of the stablecoin Tether ETH, “which already appears on the electronic board of the Central Bank of Bolivia (BCB), as a valid reference index, to be used in the indexing of contracts and financial operations.”

If this bill is approved by the Bolivian Legislative Assembly, it would provide legal security to the parties to a contract in Bolivia, in addition to the possibility of “ensuring greater flexibility and modernization of contractual and financial practices in the country.”

M.Pino

Source: cointelegraph

(Reference image source: Kanchanara on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada Lawyers in Bolivia propose using Tether for financial operations apareció primero en Bitfinance.

Recently, seven foreigners have collected their Salvadoran passports as part of the “Adopting El Salvador” programme. This innovative project, announced via the social network X (formerly known as Twitter) by Bitcoin Beach, has simplified the process for those wishing to donate bitcoin to the country.

According to the publication, participants expressed satisfaction with the simplified process and were happy to contribute through bitcoin. El Salvador is expected to reach the threshold of 1,000 citizenships before the price of BTC reaches a new all-time high.

The program, called “Adopting El Salvador – Apply for the Freedom Visa,” was presented by the Salvadoran government on December 7. The Deputy Minister of Foreign Affairs, Adriana Mira, and the issuer of the stablecoin Tether (USDT) collaborated on this initiative.

Investors interested in obtaining citizenship must commit to an investment of “$1 million in bitcoin or USDT”. The process begins with a non-refundable deposit of $999 in bitcoin, which is then credited to the full amount.

Although the total amount raised has not yet been disclosed, the programme aims to reach $1 billion for El Salvador if all available places are filled. This would allow investors to contribute to the country’s international tourism landscape and catalyse economic growth with a focus on social change.

Paolo Ardoino, CEO of Tether, highlighted the importance of this initiative to support the financial freedom of cities and communities. Being chosen as a technology provider underscores the importance of using technological capabilities to drive innovation and growth in the region.

K. Tovar

Source: Cointelegraph

(Reference image source: Traxer, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada El Salvador continues to issue passports to investors apareció primero en Bitfinance.

The issuer of the stablecoin Tether has not provided a definitive answer on whether or not it will cease support for the Tron network, after rival Circle stopped minting its stablecoin on the blockchain on Tuesday.

In a statement, Tether stated: “Tether tokens are issued on several blockchains, which are simply transport layers for such tokens.” In addition, the company stated that it retains the ability to freeze transactions on each directly admitted transport layer in order to fulfil its compliance obligations.

However, Tether also actively monitors the security of each of the supported transport layers to ensure the highest standards for our community.

Tether is the largest stablecoin, with a market capitalization of USD 97.7 billion, while Circle’s USD Coin (USDC) remains at USD 28 billion, according to data from CoinGecko.

The Tron network hosts more than 51.8 billion USDT, which represents more than half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether’s transparency report dated February 21.

These comments from Tether came in response to an announcement from Circle on February 20, when the company revealed that it was immediately finalizing the minting of USDC on Tron and would phase out support for the network. Circle justified this decision by aligning it with “efforts to ensure that USDC remains reliable, transparent and secure.

K. Tovar

Source: Cointelegraph

(Reference image source: @PelehSergii, X)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether has not yet confirmed whether he will leave the Tron network apareció primero en Bitfinance.

Howard Lutnick, chief executive of Cantor Fitzgerald, a US financial services company, spoke about the reserves of Tether’s USDT stablecoin, stating that the cryptocurrency is adequately backed by liquid assets.

During an interview with Bloomberg TV, Lutnick confirmed that Tether has enough capital to support the more than 95 billion USDT outstanding. When questioned about Tether’s real ability to back the issued USDTs, he said that “they do,” highlighting the proper management of its assets.

The CEO’s comments reflect data from Tether’s latest certification report, showing $86.4 billion in assets versus $83.2 billion in liabilities.

Since 2017, USDT’s endorsement has been a controversial issue. Tether has resolved several lawsuits and has committed to greater transparency in the management of assets that support the currency’s parity with the US dollar.

USDT, being the third-largest cryptocurrency in market capitalization and the stablecoin with the most outstanding assets, faces challenges beyond reserve management. A UN report singled out USDT as a means to commit financial crimes, including money laundering and scams in Southeast Asia.

The Tether team rejected these claims in a statement, defending the opportunities that stablecoins on public networks offer to fight crime.

Cantor Fitzgerald, being the custodian of the Treasury bonds in the USDT reserves, adds credibility to Lutnick’s statements about the finances of Tether, the largest-capitalized stablecoin issuer in the market.

K. Tovar

Source: Diariobitcoin

(Reference image source: Drawkit Illustrations, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether has enough backing for its USDT apareció primero en Bitfinance.

The Salvadoran government has inaugurated the “Adopta El Salvador Freedom Visa Program“, aimed at attracting 1,000 investors willing to contribute one million dollars in Bitcoin or the stable cryptocurrency USDt annually.

The Press Secretariat of the Presidency, in a statement shared on social network X, noted that the program is looking for large-scale investors willing to contribute $1 million to finance projects in culture, security, technology and social welfare. The program’s official website specifies that the “exclusive residency invitation” is limited to 1,000 participants per year.

Among the projects identified to receive these investments are interventions in schools, improvements in public health infrastructure, increased access to health services, strengthening road connectivity and telecommunications, according to the Press Secretary.

“Those who join the program will have the opportunity to contribute to the development of El Salvador, becoming an active part of the transformation into a technological hub and a unique tourist destination,” the Press Secretary said.

It was announced that the selected investors will get a special visa, and the execution of the program will feature technology from Tether, the leading company in the cryptocurrency industry.

El Salvador adopted bitcoin as legal tender in September 2021, becoming the first nation in the world to do so. Although the country has invested more than $250 million in this project, the population has not massively adopted the cryptocurrency, and there are concerns about its use to irregularly fund election campaigns ahead of the 2024 elections.

In addition, the $1 billion Volcan Bonds were expected to be issued in 2022 to finance the construction of Bitcoin City, but this financial move did not materialize.

K. Tovar

Source: Bancaynegocios

(Reference image source: Traxer, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada El Salvador inaugurated a cryptocurrency investment program apareció primero en Bitfinance.

Over the past four weeks, stablecoin issuing giant Tether has minted an impressive total of 4 billion USDT tokens, further consolidating its leading position in the market.

The Tron blockchain hosted the most recent issuance of Tether, with 1 billion USDT created on November 10, according to data provided by Whale Alert. This latest action follows the issuance of 1 billion USDT on Ethereum on November 9, as well as the 2 billion issued in two batches on Tron on November 3 and October 19.

Paolo Ardoino, CTO and new CEO of Tether, commented on the Whale Alert data on X, highlighting that the 1 billion USDT transaction on the Tron network was a “USDT inventory replenishment.” He clarified that this amount will be used as inventory for issuance requests in the next period and on-chain exchanges.

These new USDT issued represent a substantial portion of the total 22.75 billion USDT that Tether plans to mint in 2023, according to data from Whale Alert. Of the total, 57% (13 billion) have been issued on the Tron blockchain, while the remaining 9.75 billion have been launched on the Ethereum blockchain.

Throughout the year, Tether has been actively involved in minting new stablecoins. In March 2023, the company issued 9 billion USDT, adding to the 3 billion minted the previous month. Significant emissions between June 12 and July 12 also stand out, where 3.75 billion USDT were created.

In addition to minting new coins, Tether has carried out USDT burns. In August, 1.2 billion USDT was burned on the Tron blockchain, following previous burns of 3.1 billion in June and 2 billion in February, both on Tron and Ethereum respectively.

The crypto community has reacted quickly to these latest USDT issuances, recalling past events where aggressive Tether issuances coincided with significant banking events. Although some speculate about possible connections, Tether has categorically denied any relationship with banks such as Silicon Valley Bank, Silvergate, and Signature Bank.

In addition to the active issuance of new coins, Tether is working on integrating important projects into the ecosystem, according to CEO Ardoino. The company is expected to announce five new projects in 2024, some of which could have a significant impact on popular Web2 centralized services.

K. Tovar

Source: Cointelegraph

(Main reference image source: DrawKit Illustrations, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether managed to issue up to 4 billion USDT apareció primero en Bitfinance.

In a May 30 announcement, Tether claimed it intends to establish a mining division in the South American nation “in collaboration with a licensed local company,” while also investing in Uruguay’s energy production. The stablecoin issuer emphasized that the company will use renewable energy sources for “sustainable” Bitcoin mining, with the goal of contributing to environmentally friendly practices.

Paolo Ardoino, Tether’s CTO, stated that “by harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether leads the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint, while maintaining the security and integrity of the Bitcoin network.”

Tether cited Uruguay’s ability to generate 94 % of its electricity from renewable sources such as wind, solar, and potentially hydroelectric, as well as the reliability of its electrical grid. Job postings on the Tether website at the time of the announcement also hinted at expansion plans in South Africa and Brazil.

The decision to venture into mining follows Tether’s earlier statement to allocate “up to 15 % of its earnings on a regular basis” to purchase BTC. The stablecoin issuer reported that it had approximately $1.5 billion worth of Bitcoin in Q1 2023, representing 2 % of its total reserves. Tether primarily held most of its reserves in cash, cash equivalents, and US Treasuries.

K. Tovar

Source: Cointelegraph

(Reference image source: Shubham Dhage, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether will start mining cryptocurrencies in Uruguay apareció primero en Bitfinance.

Tether Holdings Limited released its assurance report for the first quarter of 2023, reaffirming the accuracy of Tether’s Consolidated Reserves Report (CRR). The CRR introduces additional categories to increase transparency in information about Tether reserves, breaking down assets such as physical gold, overnight repos, corporate bonds, and Bitcoin ownership.

During the first quarter of 2023, Tether experienced a significant increase in its excess reserves, reaching an all-time high of $2.44 billion, strengthening customer confidence and generating optimism for the future. In addition, Tether posted a net profit of $1.48 billion and a 20 % increase in the number of tokens in circulation.

With consolidated total assets of $81.8 billion, the majority of Tether’s reserves are invested in US Treasury Bills. The company has also taken steps to reduce its reliance on traditional bank deposits and has opted for the Repo market to ensure additional levels of protection and liquidity.

The asset’s reserves remain highly liquid, with approximately 85 % of investments held in cash, cash equivalents and other short-term deposits. The report highlights a 25 % reduction in collateralized loans and an increase in asset allocation in US Treasury Bills.

K. Tovar

Source: Descifrado

(Reference image source: Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Tether has a reserve surplus of $2.44 billion apareció primero en Bitfinance.