News Pizza Hut Venezuela Now Accepts Crypto

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Pizza Hut Venezuela, one of the oldest restaurant chain, is now accepting bitcoin and other cryptocurrencies as payment. Accepting сrypto has been possible thanks to a partnership with Cryptobuyer crypto exchange. Customers can pat for orders with bitcoin, Dash and XPT, a CryptoBuyer’s inner token. Pizza Hut has joined a growing list of companies that accept cryptocurrencies as a way to boost their finances. Sanctions from the United States have driven the national currency into the ground as the country continues to face hyperinflation. The government is also promoting the use of the national digital currency petro in the country. As previously reported, back in September, the government of Venezuela legalized cryptocurrency mining with the caveat that all local miners have to obtain licenses from the government and to be supervised by regulators. The centralization of mining power means that the government can determine miners’ income from the pool and pay out the contributions.

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Russia May Recognize Bitcoin as Property

Russia’s Prime Minister Mikhail Mishustin has unveiled the government’s plans to amend the current laws for recognizing cryptocurrency as property. Mikhail Mishustin has shared plans for cryptocurrency regulation in a recent government meeting. There have been discussions among lawmakers to treat bitcoin as taxable property, but it is not yet official. “Digital financial assets would be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions and defend their property rights in court,” the Russian Prime Minister said. This August, the Russian President Vladimir Putin signed the crypto bill into law that would regulate cryptocurrency next year. Cryptocurrency regulations in most countries are still in a grey area. However, lawmakers and financial regulators are working to ensure decisions are made for the public interest.

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Facebook’s Libra stablecoin could finally see the light of day as soon as January 2021, according to the recent Financial Times report. The exact launch date of Libra is still not known. Citing three insiders, the Financial Times reported that the Libra Association plans to add more fiat currencies that would back Libra’s value, besides the dollar. Libra Association is seeking the go-ahead from Switzerland’s markets watchdog to issue a series of stablecoins backed by individual traditional currencies. However, the launch is expected to happen in January next year. Facebook has faced regulatory pushback from around the world over its stablecoin project Libra that it announced last year. Due to the regulatory pushback, several companies pulled out from the Libra Association.

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The Personal Information Protection Commission (PIPC) of South Korea has imposed a $6.1 million fine on Facebook for sharing personal information of millions of users without consent. The fine was awarded by the PIPC after the probe revealed that the company shared information of 3.3 million of its users with third-party companies. PIPC said this information could have been shared with nearly 10,000 companies. Besides the fine, Facebook Ireland Ltd., which was incharge of Facebook’s South Korean operations between May 2012 and June 2018, also faces criminal investigation, according to Seoul-based Yonhap News. Facebook, which has around 18 million users in South Korea, shared information related to names, addresses, dates of birth, work experience, hometowns and relationship statuses without taking prior permissions from users between May 2012 to June 2018. The exact amount of data shared remains unclear at the moment since Facebook shared incomplete or false information, PIPC revealed. Facebook is known for pushing the boundaries of online privacy, and over the last few years, regulatory pressure has intensified. In 2019, Facebook was fined $5 billion by the Federal Trade Commission, it’s largest ever, for violating consumer privacy.

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