Venezuela’s new cryptocurrency regulator, “Sunacrip,” has adopted a cautious attitude toward the industry’s progress, ordering the closure of all cryptocurrency exchanges registered with the country’s cryptocurrency regulator.
Following the arrest of the country’s cryptocurrency leader, Joselit Ramirez, President Nicolás Maduro ordered a reorganization of the country’s cryptocurrency authority.
Until there has been no formal confirmation of the motion, the Venezuelan National Cryptocurrency Affiliation has confirmed that it has terminated outstanding political protege Tareck el Aissami and his colleague Joselit Lamy until the country launches an anti-corruption probe.
According to insiders, the new regulator is dissatisfied with the company’s expansion and wishes to create a stricter management environment. The closing of such exchanges was interpreted as a warning to other cryptocurrency companies operating in the country.
Along with bitcoin exchanges, regulators ordered the shutdown of all cryptocurrency mining operations in the country. This has caused concern among cryptocurrency miners looking for ways to continue working.
The bitcoin industry in Venezuela is rapidly expanding, with many people using cryptocurrencies to avoid the country’s economic calamity. Nonetheless, the regulator’s decision is a significant setback for the business’s event.
As the industry faces new hurdles, many experts believe that the future of cryptocurrencies in Venezuela remains uncertain. The regulator’s decisions might have far-reaching consequences for the country’s cryptocurrency company and the broader Latin American business.
New Venezuelan officials’ closing of bitcoin exchanges and mining farms represents a dramatic shift in the country’s attitude towards the cryptocurrency industry.