According to Chainalysis, Latin American crypto users significantly prefer centralized exchanges, in contrast to the rest of the world.
Venezuela, officially the Bolivarian Republic of Venezuela, is a country in the northern part of South America. With the largest oil reserves in the world, Venezuela has built its economy around the resource.
In Venezuela, the cryptocurrency scene has seen a surge in popularity due to economic instability and hyperinflation. Cryptocurrencies like Bitcoin (BTC) provide a haven for citizens looking to preserve their wealth amid the country’s economic challenges. Many Venezuelans turn to digital assets as an alternative to the depreciating national currency, the bolívar.
However, the regulatory landscape in Venezuela has been uncertain and, at times, restrictive. In 2018, the government introduced its own cryptocurrency, the Petro, in an attempt to bypass international sanctions and stabilize the economy. While the Petro is officially recognized, its adoption has been met with skepticism both domestically and internationally.
The Venezuelan government has taken various measures to regulate the use of cryptocurrencies, including mandatory registration of cryptocurrency mining operations. Additionally, cryptocurrency exchanges and businesses must comply with strict reporting requirements, adding layers of complexity to the crypto industry in the country.
Despite these challenges, cryptocurrency enthusiasts and businesses continue to operate in Venezuela, leveraging digital assets to navigate the economic challenges while carefully adhering to the evolving regulatory framework.
The government will spend six additional months reorganizing the entity, which it shut in March 2023.4365
Banco de Venezuela, one of the largest financial institutions in the country, was acquired by the sanctioned government in 2009.2819
The launch announcement followed expansion moves by Bitfinex into El Salvador and Chile through licensing and partnerships, respectively.2632
Bitcoin price strength continues into a weekly close that analysis says should stay above $30,000.13742
What started with a comedy club would later become a notorious case of legal loopholes and frustration for the nonfungible token community.5128
According to Venezuela’s attorney general office, government officials were running parallel oil operations with the assistance of the national crypto department.10683
A new board headed by Anabel Pereira Fernández will lead the reorganization. The new team excludes Joselit Ramirez, who led the department since its inception in 2018 but was reportedly arrested on March 17 on corruption charges.11726
Women in Latin America are showing an increased interest in Web3 as organizations aim to drive participation through educational content and scholarships.3342
The Latin American region now makes up for a 9.1% share of the global crypto value received in 2022 with remittances and high inflation the highest drivers of adoption.3255
Bitcoin is helping El Salvador to regain its monetary sovereignty, providing its citizens with financial opportunities and solving problems the country has historically faced.3638
A community custody protocol, Fedimint wants to scale the Bitcoin network to a billion users located in the global south.7782
Bitcoin’s blast off to becoming “space money” takes one giant leap with a satellite full node in Brazil.4682
The platform advised users to withdraw funds quickly, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” beginning Sept. 30.3079
Inflation in the eurozone soared to 5.8% in February, well above the European Central Bank’s 2% target, amid a backdrop of escalating sanctions against Russia.2983