Latin America

Venezuela says ‘petro’ cryptocurrency pre-sale will be in hard currency

"Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar plunges to all-time lows and the country struggles with hyperinflation. Critics decry the petro as simply a way for the cash-strapped government to issue debt without being constricted by U.S. sanctions. But the U.S. Treasury last week warned that Americans engaging with the petro could still find themselves in violation of those sanctions. Many in Venezuela have used cryptocurrencies in recent years to evade strict currency controls."

Continue ReadingVenezuela says ‘petro’ cryptocurrency pre-sale will be in hard currency

Drug lords make billions smuggling gold to Miami for jewelry and phones

"Much of that gold comes from outlaw mines deep in the jungle where dangerous chemicals are poisoning rainforests and laborers who toil for scraps of metal, according to human rights watchdogs and industry executives. In comparison, the U.S. gold supply, mostly mined in Nevada and Alaska, offers stiff competition and regulations. Big companies control the big mines. Smaller companies looking to deal in U.S. gold are restricted to buying recycled 'scrap' gold from pawnshops and jewelry stores. To gain a competitive edge, many U.S. gold traders look south."

Continue ReadingDrug lords make billions smuggling gold to Miami for jewelry and phones

Losing Faith in the State, Some Mexican Towns Quietly Break Away

"Tancítaro represents a quiet but telling trend in Mexico, where a handful of towns and cities are effectively seceding, partly or in whole. These are acts of desperation, revealing the degree to which Mexico’s police and politicians are seen as part of the threat."

Continue ReadingLosing Faith in the State, Some Mexican Towns Quietly Break Away

First France, Now Brazil Unveils Internet Censorship To Combat “Fake News”

"Police officials vow that they will proceed to implement the censorship program even if no new law is enacted. They insist that no new laws are necessary by pointing to a pre-internet censorship law enacted in 1983 — during the time Brazil was ruled by a brutal military dictatorship that severely limited free expression and routinely imprisoned dissidents."

Continue ReadingFirst France, Now Brazil Unveils Internet Censorship To Combat “Fake News”

Deporting 200,000 El Salvadorian Refugees Will Tear Families Apart

"The Trump Administration decided Monday to deport nearly 200,000 El Salvadoran refugees who fled gang violence and natural disasters. El Salvadorans received TPS in in 2001 after a series of earthquakes left tens of thousands homeless. The program was signed into law by President George H.W. Bush in 1990."

Continue ReadingDeporting 200,000 El Salvadorian Refugees Will Tear Families Apart

Enter the ‘petro’: Venezuela to launch oil-backed cryptocurrency

"'Venezuela will create a cryptocurrency,' backed by oil, gas, gold and diamond reserves, Maduro said in his regular Sunday televised broadcast, a five-hour showcase of Christmas songs and dancing. Ironically, Venezuela’s currency controls in recent years have spurred a bitcoin fad among tech-savvy Venezuelans looking to bypass controls to obtain dollars or make internet purchases. Maduro’s government has a poor track record in monetary policy. Currency controls and excessive money printing have led to a 57 percent depreciation of the bolivar against the dollar in the last month alone on the widely used black market."

Continue ReadingEnter the ‘petro’: Venezuela to launch oil-backed cryptocurrency

Cubans Are Starting Small Businesses, but the U.S. Is Hurting Them

"The embargo is a failed foreign policy that’s only served to punish the Cuban people and isolate the United States internationally. And rolling back Obama’s opening there is a major blow for diplomacy, people-to-people ties, and — most of all — Cuba’s new private businesses."

Continue ReadingCubans Are Starting Small Businesses, but the U.S. Is Hurting Them

U.S. Coast Guard operating secret floating prisons in Pacific Ocean

"Coast Guard officials say they can do this because the drug smugglers aren't under arrest until they reach U.S. shores, but some of the worst cases are drawing criticism even from Coast Guard officials. Many families, in fact, believe that their loved ones — husbands, fathers, sons — had disappeared."

Continue ReadingU.S. Coast Guard operating secret floating prisons in Pacific Ocean

How Bitcoin Is Saving Lives in Venezuela

"Many people in Zimbabwe don’t have bank accounts. But a growing number own smartphones. And that’s all you need to buy bitcoin. But this isn’t just happening in Zimbabwe. The people of Venezuela are becoming increasingly desperate. And many are buying bitcoin to survive. That’s because bitcoin doesn’t lose value by the day like the bolivar, Venezuela’s currency. Instead, it becomes more valuable."

Continue ReadingHow Bitcoin Is Saving Lives in Venezuela