Oil

Bitcoin Is Becoming More Valuable to Iranians Amid Tensions With US

Earlier this week, the world’s flagship crypto asset saw its value surge from around the $8,000 mark to just over $8,430 within an hour’s time. This latest price action came after the Iranian government decided to launch a missile attack on an Iraqi military base housing American troops. However, it bears mentioning that Iran’s actions …

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Federal Reserve Considers Creating a Separate Entity for Cash Injections

</header> <strong>While American President Donald Trump wages war with Iran, the U.S. Federal Reserve has continued to inject fresh capital into the hands of private banks by giving them $100 billion in overnight and 14-day repos on Tuesday. The same day, Rabobank strategist Philip Marey predicted the central bank will reduce interest rates to zero …

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Oil and Gas Consortium Is 1st to Apply DLT to Industry Balloting

A group of 10 major global oil and gas firms including heavy-hitters like Chevron and Shell has successfully digitized industry balloting using blockchain. The Oil & Gas Blockchain Consortium (OOC) successfully piloted a blockchain-based system for Authorization for Expenditure (AFE) balloting in partnership with Canadian technology provider GuildOne. According to an announcement on Dec. 18, …

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Venezuela Cuts Petro’s Backing from 5B Barrels of Oil to 30M: Reuters

Venezuela plans to back its national oil-pegged cryptocurrency, the Petro (PTR), with 30 million barrels of crude oil. Venezuelan President Nicolas Maduro announced that the oil inventories are sitting in the country’s storage tanks and are ready for immediate commercialization to serve as a “liquid, physical, material backing” for the Petro.  The president announced the …

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Australian Startup to Offer 20% Payback on Fuel Purchases in Tokens

Australian startup Incent plans to offer a 20% payback in its INCNT token on fuel purchases at United Petrol stations for a limited time.  Incent announced in a press release published on Sept. 26 that participants will have to sign up on its platform and sync their bank accounts in order to receive the tokens. …

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Venezuela’s Central Bank Indicates Plans to Stockpile Bitcoin

<header class=”article__header”> </header> <strong>Various reports reveal Venezuela’s central bank is allegedly contemplating hoarding a variety of cryptocurrencies like <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a> within its internal reserves. The state-operated gas company Petroleos de Venezuela SA (PDVSA) has asked to send <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/BTC” target=”_blank” rel=”noopener noreferrer”>BTC</a> and <a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/ETH” target=”_blank” rel=”noopener noreferrer”>ETH</a> payments …

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Iran Is Being Targeted for Economic Independence, Not Terrorism

</header> <strong>New, unprecedented economic sanctions have been imposed on Iran’s central bank after blame for a September 14 oil field attack was pinned on the nation by U.S. leaders. The sanctions blacklist the Iranian central bank and sovereign wealth fund, further severing the country’s already tenuous ties to the global market. With soldiers and weapons …

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Tether Plans to Mint Digital Yuan and Commodity Coins, Says Bitfinex Shareholder

<header class=”article__header”> </header> <strong>Tether Holdings, the firm that issues tether (<a class=”lar-automated-link” href=”https://markets.bitcoin.com/crypto/USDT” target=”_blank” rel=”noopener noreferrer”>USDT</a>), has plans to launch an offshore Chinese yuan stablecoin called CNHT. Tether’s digital dollar presence within the crypto economy has been massive in recent months, seeing significant demand from China. Bitfinex shareholder Zhao Dong has explained in a recent …

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Standard Chartered Makes Letter of Credit Transaction Using Blockchain

London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group. On-chain letter of credit Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte …

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Standard Chartered Completes First Transaction on Oil Industry Blockchain Platform Voltron

Standard Chartered Bank has announced the successful completion of the first international letter of credit (LC) transaction on the oil industry-focused blockchain platform Voltron. In an announcement Wednesday, the bank said it had conducted the pilot transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited, which involved shipment of an oil product …

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