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Venezuelan Petro Reportedly on the Brink of Liquidation
13.1.2024
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 liquidation process, including the automatic exchange...
Latam Insights: USDT Takes Over Brazil, Bukele’s Administration Accused of Embezzlement
6.11.2023
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 for Bitcoin projects, and Venezuelan exchanges...
Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity
29.9.2023
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 crypto association, is asking Sunacrip to open...
Venezuelan Crypto Ecosystem Still in Shambles 4 Months After Sunacrip Intervention
18.7.2023
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 involving the undeclared sale of crude oil...
Reports Indicate Venezuela Is Preparing to Liquidate the Petro
16.6.2023
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 head Joselit Ramirez in a potential $20 billion...
Venezuelan Petro Blockchain Faces Operational Difficulties, Hundreds of Wallets Allegedly Blocked
29.5.2023
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 reported that hundreds of petro wallets were...
Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues
17.4.2023
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, and the crypto-linked corruption probe in Venezuela...
National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes
28.3.2023
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 general, confirmed the involvement of the institution...
How Crypto Ended Up at the Center of a Potential $20 Billion Internal Corruption Scandal in Venezuela — Bitcoin Mining Shutdown Results
24.3.2023
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 than $3 billion are missing from these payments...
Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring
21.3.2023
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 corruption schemes, including the embezzlement of...
Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability
30.12.2022
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 situation in peer-to-peer (P2P) crypto markets to...
Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities
28.12.2022
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, more than 75 accounts have been blocked by Venezuelan...
Venezuelan Sunacrip Tightens Control on Transactions Made Using Unauthorized Exchanges
3.6.2022
Sunacrip, the Venezuelan cryptocurrency watchdog, has issued a new internal providence that defines the guidelines it will follow in dealing with reports of suspicious activity related to fintech platforms. The document describes that the use of unauthorized platforms might constitute a suspicious...
Venezuela’s Sunacrip Launches Petro-Based Gift Card Market and Exchange
26.3.2022
Sunacrip, the Venezuelan cryptocurrency watchdog, has announced a set of improvements to its Petroapp wallet, allowing Venezuelans to use the petro (PTR) for new functions. The app now has an embedded cryptocurrency exchange that allows users to exchange petros for other currencies, and a series...
Supreme Tribunal in Venezuela States Sunacrip Has Strategic Role, Voids Earlier Sentence
13.3.2022
The Supreme Tribunal of Justice of Venezuela has stated in a recent sentence that the tasks developed by Sunacrip, the national cryptocurrency and bitcoin mining watchdog, have a strategic significance for the country. The sentence also voids certain resolutions taken in a case where another court...
Sunacrip Revokes Licenses Of Two Cryptocurrency Exchanges In Venezuela
27.1.2022
Sunacrip, the Venezuelan cryptocurrency watchdog, has suspended the operating licenses of two exchanges for lack of compliance with current regulations. The announcement was made by Joselit Ramirez, superintendent of Sunacrip, who also mentioned the exchanges that are approved by the institution...
Venezuelan Court Rolls Back Seizure of More Than 1,000 Bitcoin Miners
10.11.2021
A Venezuelan court in the capital of the country has rolled back a seizure of more than 1,000 Bitcoin miners due to irregularities that occurred during the confiscation. According to court documents, the equipment that was seized was in the custody of a third-party company that was doing...
Venezuelan Authorities Seize More Than 100 Miners From Clandestine Bitcoin Mining Operation
1.11.2021
Venezuelan authorities seized over a hundred mining machines in a residential area of a central state. According to reports, the mining farm was operating illegally without permits that the national cryptocurrency watchdog, Sunacrip, requires for these operations. The seizure was led by...
Travelers Will Be Able to Purchase Airline Tickets With Crypto in Venezuela
11.10.2021
Travelers will be able to purchase airline tickets in Venezuela using cryptocurrencies in the near future. According to statements made by Freddy Borges, Director of the Maiquetía International Airport, the institution would be working to include cryptocurrencies such as dash, bitcoin, and...
Sunacrip and Venezuelan Intelligence Police Issue Warning on Cryptocurrency Scams
6.9.2021
Sunacrip, the Venezuelan cryptocurrency watchdog, and the Intelligence Police (CICPC) issued a warning for the general population about cryptocurrency scams. The institutions gave a series of recommendations to avoid being scammed by cryptocurrency Ponzi schemes involving the national...