The access that U.S. firms may gain in Venezuela’s large oil reserves might have an effect on domestic energy prices, and according to analysts, a reduction in fuel and electricity prices would directly impact the economics of a Bitcoin mining facility. Venezuela possesses about 303 billion barrels of crude oil
The capture of Venezuelan President Nicolás Maduro by the U.S. over the weekend led to dramatic market movements in the conventional market, but the cryptocurrency market was relatively stable. This comes at a time when the oil prices have plummeted to multi-year lows, amid forecasts of higher supply. According to
One of the largest cryptocurrency exchanges, Binance was banned in Venezuela due to the presidential disputes. In the past few weeks, the nation has banned several prominent platforms including Elon Musk founded X. The Binance ban occurred on Friday, following which the anti-censorship organization, “VE sin Filtro” reported it on
Cryptocurrency remittances to Venezuela have increased dramatically in the last year, reaching over $460 million. In general, the country’s remittances have increased as a result of the large number of migrants caused by the severe economic circumstances. Crypto adoption has been on the rise in Latin America and other regions
In response to the harsh U.S. sanctions, Venezuela’s state-run oil firm PDVSA has reportedly taken further steps to diversify its revenue streams away from traditional fiat currency and toward digital assets such as Tether (USDT). The United States Department of the Treasury requested last week that all PDVSA users and
The Petro (PTR), the official cryptocurrency of Venezuela, will reportedly stop functioning on January 15th. The government established the currency in 2018 to avoid US sanctions, but it never gained any traction. According to reports, the government-run Petro currency website announced the closure, however the site was down recently. Reportedly
While the government deals with the multi-billion dollar corruption investigation, crypto miners and exchanges in Venezuela will stay closed. While investigating a big corruption scam that might have syphoned off $20 billion, Venezuelan officials allegedly encouraged local Bitcoin miners to temporarily suspend operations. It is suspected that members of President
There seems to be nothing but negative news for the Venezuelan crypto sector. Especially since Superintendent of Cryptoassets Joselit Ramirez was arrested. And President Nicolas Maduro ordered a reorganization of the country’s crypto regulatory body. In a recent development, Venezuela’s National Superintendency of Cryptoassets “Sunacrip”—the country’s crypto regulator—ordered the shutdown
