Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

We are starting to pay attention to cryptocurrency trading, mostly related to peer-to-peer (P2P) transactional activities. According to Legalrocks, a Venezuelan crypto and blockchain-focused law firm, 75 private Venezuelan banks have been sued for facilitating crypto-to-fiat and fiat-to-crypto conversions after the end of 2021. More accounts are blocked.

Venezuelan banks suspend cryptocurrency-related accounts

Venezuelan banks have increased their vigilance against accounts commonly associated with cryptocurrency trading. Legalrocks, a Venezuelan law firm focused on cryptocurrency and blockchain, has registered more than 75 suspended or pending cases since the end of 2021, according to apublishedblog post. It has been.

Legalrocks CEO Ana Ojeda said using these accounts to receive fiat currency for the sale or exchange of cryptocurrencies should be considered a valid reason for blocking the accounts. says not. However, she clarifies that this will change if there are sufficient indications that the funds used in these transactions are linked to illegal or criminal activity.

Similarly, virtual Transactions through cryptocurrency exchanges that are not approved by Sunacrip, the national regulator of currency assets, may also be viewed as suspicious by financial authorities and warrant investigation.

Love for stablecoins

Ojeda argued that stablecoin exchanges via P2P markets have suffered both the economic bankruptcy and the It explains that higher levels of devaluation have made it more popular. This means that people will use stablecoins as a store of value, buy when they receive fiat as payment, and then convert it back to fiat to buy goods and pay for services. To do.

According to a report released by the United Nations in July, Venezuela ranks third among countries with the highest adoption of cryptocurrencies.

According to Ojeda:

Venezuela has been in the region for several years as the Latin American country that uses cryptocurrencies the most to protect against inflation and loss of savings capacity. has led

Her stablecoin-based P2P marketplace has become so popular and widespread in Venezuela that some analysts believe that the dynamics of the US dollar-bolivare exchange rate I believe it may play an important role in When the bolivar fell 40% against the U.S. dollar in November, economist Asdrubal Oliveros cited the interaction of the cryptocurrency market and the larger economy as possible causes, as well as the collapse of FTX and the custody exchange’s lack of funds. I mentioned my fear of owning a .

Image Credits: Shutterstock, Pixabay, Wiki Commons