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Venezuelan Authorities Announce Bitcoin Mining Ban, Confiscate Over 11,000 Miners to Face the Nation’s Energy Crisis

[May 19 1:07 PM] The Venezuelan National Power Ministry announced a special operation to disconnect all bitcoin mining farms from the grid. Authorities have seized over 11,000 bitcoin miners as the government seeks to reduce the power usage from high-power…

Venezuelan Petro Reportedly on the Brink of Liquidation

[Jan 13 2:00 AM] According to local sources, one of the first state-backed cryptocurrency assets, the Venezuelan Petro, would be facing an imminent liquidation. Asonacrip, a national cryptocurrency association, reported having information about the upcoming…

Latam Insights: USDT Takes Over Brazil, Bukele’s Administration Accused of Embezzlement

[Nov 6, 2023 1:30 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: USDT dominates the Brazilian crypto market, Bukele’s administration is accused of deviating funds…

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

[Sep 28, 2023 10:30 PM] The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national…

Venezuelan Crypto Ecosystem Still in Shambles 4 Months After Sunacrip Intervention

[Jul 17, 2023 11:30 PM] The Venezuelan cryptocurrency ecosystem remains on shaky ground four months after the intervention of national crypto watchdog Sunacrip, and the arrest of its head, Joselit Ramirez, due to alleged participation in a $20 billion corruption scandal…

Reports Indicate Venezuela Is Preparing to Liquidate the Petro

[Jun 16, 2023 2:30 AM] According to reports, the government of Venezuela could be winding down the operations of the petro cryptocurrency. The decision comes after Sunacrip, the Venezuelan cryptocurrency watchdog, was set back by the alleged participation of its former…

Venezuelan Petro Blockchain Faces Operational Difficulties, Hundreds of Wallets Allegedly Blocked

[May 29, 2023 8:30 AM] The blockchain of the petro, the Venezuelan official cryptocurrency asset, has been facing difficulties, halting on May 24, with block production restarting on May 27 only to stop again on May 28. Asonacrip, a local cryptocurrency association, also…

Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues

[Apr 16, 2023 11:30 PM] Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: Inflation in Argentina goes over 100%, El Salvador issues its first digital assets licenses…

National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes

[Mar 28, 2023 5:30 AM] National cryptocurrency exchanges have paused their activities in Venezuela according to reports, as the anti-corruption probe on national crypto watchdog Sunacrip and unlawful oil sales continues in the country. Tarek William Saab, attorney…

How Crypto Ended Up at the Center of a Potential $20 Billion Internal Corruption Scandal in Venezuela — Bitcoin Mining Shutdown Results

[Mar 24, 2023 5:30 AM] The establishment of sanctions by the Trump administration towards PDVSA, the state oil company in Venezuela, reportedly forced the hand of the government in the country to find alternative means of payment for crude oil. According to reports, more…

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring

[Mar 21, 2023 2:30 AM] 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…

Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability

[Dec 30, 2022 5:30 AM] 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…

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

[Dec 28, 2022 1:30 AM] 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…