Sudevan, the bank watchdog in Venezuela, currently A mechanism for real-time review of cryptocurrency-related transactions to control their impact on exchange market stability. Analysts recently linked the peer-to-peer (P2P) crypto market situation to the recent decline in the value of the bolivar.
Venezuela Government Scrutinizes Cryptocurrency Trading
Venezuela Government to Monitor Movements of His Crypto-Based P2P Exchange to Protect Bolivar Value I am aiming for On December 20, Venezuela’s banking regulator, his Sudeban ,, with the help of Sunacrip, the country’s cryptocurrency regulator, is designing a system to monitor bank transactions in real time. I explained that there is.
No further details were provided, but the organization said it aimed to “fight irregular practices that threaten the stability of currency and exchange markets.” This means that the government appears to be investigating the relationship between the amount exchanged in the cryptocurrency market and the exchange rate between the US dollar and the Venezuelan bolivar.
While the government has not explicitly stated that there is a direct relationship between these two variables, analysts have noted the recent drop in cryptocurrency in peer-to-peer markets due to the collapse of FTX. Drought, the aforementioned exchange rate. However, this is also said to be mixed with other causes, such as the natural abundance of fiat currency in the market due to vacation-related payments.
In connection with this action, more than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency trading since the end of 2021, according to a nationwide crypto-focused According to Legalrocks, a law firm in It is one of the “drastic” measures to curb devaluation. It rose from 12.66 bolivars per dollar on Nov. 28 to about 20 bolivars per dollar on Dec. 28.
Analysts are concerned about exchange rate movements, and analysts are now examining the possible impact of this on his December and next year’s inflation rates. The country recently emerged from a four-year period of hyperinflation that began in 2017. Venezuelan economist José Guerra he forecasts December inflation of 30%. The central bank of Venezuela has not released an official inflation rate since October, and in his first 10 months of 2022 he recorded a price increase of 119.4%.
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