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Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation
22.3.2023
The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government...
Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring
21.3.2023
Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of...
Like Venezuela, Some Retailers in Argentina Are Now Pricing Items in Dollars
8.3.2023
Some retailers in Argentina are already pricing imported items in U.S. dollars, according to reports from local news outlets. The idea behind this would be to keep prices stable and avoid repricing articles each day, a practice that has already been adopted in other Latam countries like Venezuela...
Disputed Venezuelan Gold Worth $1.8B in Bank of England Vaults Remains Uncertain After Dissolution of Interim Government
2.1.2023
The status of the Venezuelan gold currently being held by the Bank of England might fall into regulatory limbo after the dissolution of the interim government of Juan Guaido. The 31 tons of gold have been the subject of dispute between the current president Nicolas Maduro and Juan Guaido since...
Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability
30.12.2022
Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Analysts have recently linked the situation in peer-to-peer (P2P) crypto markets to...
Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities
28.12.2022
Venezuelan Banks have started eyeing the accounts of customers with ties to cryptocurrency trading, principally related to peer-to-peer (P2P) transaction activity. According to Legalrocks, a crypto and blockchain-focused legal firm in Venezuela, more than 75 accounts have been blocked by Venezuelan...
Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem
27.11.2022
The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month. According to reports, the seasonal payments that the government has to make, and the lack of liquidity of the government to intervene in the currency market are part of...
Venezuelan President Nicolas Maduro Signals Support for Single Currency in Latam, Calls for Crypto Inclusion
22.11.2022
Nicolas Maduro, president of Venezuela, has expressed his support for the adoption of a new common currency for Latam in the latest meeting of the Workgroup of the Sao Paolo Forum. Maduro stated that this would be an important step for the construction of a common economic space, that would also...
US Charges Russians, Venezuelans for Sanctions Evasion Using Cryptocurrency
20.10.2022
A group of Russian and Venezuelan nationals have been charged by U.S. authorities for their roles in a scheme to circumvent Western sanctions and launder money on a global scale. They have been accused of obtaining military technologies from American companies, smuggling oil, and disguising money...
Nicolas Maduro Tempts West With an Abundance of Oil and Gas, Venezuelan President Wants Sanctions Lifted
25.9.2022
Amid the economic rumblings across the world and the energy crisis in Europe, Venezuelan president Nicolas Maduro has said his country is ready to step up and help with oil. Despite the fact that Venezuela has the largest supply of crude oil in the world, U.S. economic sanctions imposed in 2019...
Venezuelan Bolivar Plunges as Central Bank Stops Intervening and Public Spending Rises
26.8.2022
The exchange rate of the Venezuelan bolivar, the national fiat currency of the country, has plunged 35.51% against the U.S. dollar this week as a result of various factors, reaching 8.70 bolivars per U.S. dollar. According to economists, this will cause an increase in prices in the near future...
The Battle for the $2 Billion Venezuelan Gold Stash Continues, London Rules in Favor of Opposition Leader Guaido
31.7.2022
Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised...
Venezuelan Crime Gang Was ‘Stealing Crypto from Retirees’
11.7.2022
A Venezuelan police agency says it has caught criminals who have allegedly stolen cryptoassets from pensioners by misusing the Patria crypto remittance platform....
Read More: Venezuelan Crime Gang Was ‘Stealing Crypto from Retirees’
Cryptocurrency Exchange Uphold Leaves Venezuela Due to US Sanctions
24.6.2022
Uphold, a New York-based cryptocurrency exchange, has announced it is closing its operations in Venezuelan markets. The company, which has already had problems with users in the country in the past — shutting down accounts and requiring KYC controls that some users deemed excessive —...
Venezuelan Sunacrip Tightens Control on Transactions Made Using Unauthorized Exchanges
3.6.2022
Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious...
Venezuela’s Sunacrip Launches Petro-Based Gift Card Market and Exchange
26.3.2022
Sunacrip, the Venezuelan cryptocurrency watchdog, has announced a set of improvements to its Petroapp wallet, allowing Venezuelans to use the petro (PTR) for new functions. The app now has an embedded cryptocurrency exchange that allows users to exchange petros for other currencies, and a series...
Venezuelan Minimum Monthly Wage Not Pegged to the Petro, According to Official Gazette Decree
20.3.2022
The new decree that makes official the recently announced Venezuelan minimum monthly wage rise has been revealed in the Official Gazette, with no mention of its supposed peg to the petro, the national cryptocurrency. The law published mentions that the wage will be 130 VES, using the national fiat...
Infura Mistakenly Leaves Venezuelan Users Without Metamask Support
4.3.2022
Infura, the service provider of Metamask, one of the most used smart contracts-based wallets, blocked the access of Venezuelans to the Ethereum blockchain. Reports about this happening circulated on social media, attributing it to the existence of sanctions that the infrastructure provider might...
Venezuela Might Have Cryptocurrency ATMs Again Soon
22.2.2022
While Venezuela has been a leading country for cryptocurrency adoption in Latam, its citizens don’t have access to cryptocurrency ATMs. However, this might change in the future, as Bitbase, a crypto ATM company, is currently in talks with Venezuelan authorities and banks to install some...
Venezuelan Government Approves New Tax for Cryptocurrency and Foreign Currency Transactions
5.2.2022
The Venezuelan Government has approved a new tax that would affect transactions made in foreign currency and cryptocurrency transactions. Approved by the National Assembly of the country, the tax, called the “large financial transactions” tax would collect up to 20% over transactions...