News
The bill came after a Polymarket user netted more than $400,000 on a contract related to the removal of then-Venezuelan President Nicolás Maduro, fueling concerns about insider trading.
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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.
- News
Venezuela’s early crypto adoption and gold-to-Bitcoin conversion speculation raise questions about a $60 billion reserve, though analysts have found no proof.
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Bitcoin mining electricity costs could fall if Venezuelan oil production increases, though it may take several years before the benefits are fully realized, Bitfinex analysts say.
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Bitcoin and several major altcoins continued their march higher, indicating improving investor sentiment and sustained demand from the bulls.
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Bitcoin rose toward $93,000 as Donald Trump made remarks suggesting tougher action on Colombia and Mexico following the US operation in Venezuela.
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Nobel Prize-winning Bitcoiner María Corina Machado is one of three looking to replace Nicolás Maduro as Venezuela's president after he was captured on Saturday.
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Risk-on asset markets tend to react negatively to geopolitical shocks, macroeconomic turmoil, and other negative news events.
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JPMorgan has reportedly frozen accounts linked to Y Combinator–backed stablecoin startups BlindPay and Kontigo after flagging exposure to sanctioned jurisdictions.
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Binance let a network of 13 high‑risk accounts move $1.7 billion in crypto, including $144 million, after its 2023 US plea deal, according to the Financial Times.
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The crypto ecosystem in Venezuela is a product of ongoing economic collapse and international sanctions pressure, according to the TRM Labs team.
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Global inflation has slowed down, but in many countries, crypto is still providing an attractive and viable alternative to the local monetary system.
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Stablecoins have emerged as a store-of-value asset in emerging market economies at a rate no one predicted, Wood said on Thursday.
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Venezuela’s reliance on stablecoins could deepen if the Trump administration acts on its war threat, further destabilizing the South American nation.
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The Venezuelan opposition leader has championed Bitcoin as a lifeline for individuals trying to protect their wealth or attempting to flee the country.
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Venezuela turns to USDT as hyperinflation bites, with merchants pegging prices to Binance P2P dollar rates.
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