Markets News
Stablecoin use in emerging markets soars despite the absence of crypto-friendly regulations and basic banking infrastructure. Will the US catch up to this trend?
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Venezuela News
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.
- Follow up
Opposition leader María Corina Machado proposed adding Bitcoin to Venezuela’s reserves for a new era led by Edmundo Gonzalez.
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Binance has assured its users that their funds are safe after Venezuela cut off access to the exchange and social media platform X.
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After ducking Mark Zuckerberg, Musk has now agreed to fight 61-year-old Nicolas Maduro on live TV.
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Sanctions from the United States, spiraling inflation and government corruption have created an economic nightmare for Venezuelans.
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The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.
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This move follows a recent crackdown involving the confiscation of 2,000 cryptocurrency mining devices as part of an anti-corruption initiative.
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USDT-issuer Tether says it will block payments made to OFAC-sanctioned entities after sources claim Venezuela’s state-run oil company is using USDT to facilitate oil exports.
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The crypto, intended as a blow against U.S. sanctions, was never accepted at home or abroad and was crippled by scandal.
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According to Chainalysis, Latin American crypto users significantly prefer centralized exchanges, in contrast to the rest of the world.
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The government will spend six additional months reorganizing the entity, which it shut in March 2023.
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Banco de Venezuela, one of the largest financial institutions in the country, was acquired by the sanctioned government in 2009.
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The launch announcement followed expansion moves by Bitfinex into El Salvador and Chile through licensing and partnerships, respectively.
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Bitcoin price strength continues into a weekly close that analysis says should stay above $30,000.
13974 - Follow up
What started with a comedy club would later become a notorious case of legal loopholes and frustration for the nonfungible token community.
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