VENEZUELA AGAIN BREAKS RECORDS IN BTC TRANSACTIONS AFTER THE INTRODUCTION OF NEW REGULATORY NORMS

Once again, Venezuela is breaking records in BTC trading, continuing to attract citizens in the light of economic chaos, despite new regulatory measures providing for fines of up to $18,000.

Last week, Venezuelans conducted transactions of 17.1 billion bolivars or 1972 BTC, which is 1.2 billion bolivars more than last week.

The sharp rise in bitcoin’s popularity has not gone unnoticed by local regulators. On Monday, the Agency published a decree, expanding its powers even before the confiscation of mining equipment.

According to the new law, citizens who violate the law will be fined up to 18,000 dollars, the local newspaper Cryptonotias reported:

“Those who conduct any activity related to the creation, production, organization, operation and use Petro and cryptocurrency, including mining, without obtaining the appropriate permission of regulators, thereby violating this decree, will be fined from 100 to 300 (Petro).”

This summer, the Venezuelan government began monitoring citizens’ bank accounts to identify cryptocurrency transactions.