Topic: [2017-06-06] Venezuela Launches Its First Regulated Bitcoin Exchange Monkeycoin (Read 3067 times)
June 07, 2017, 01:28:04 AM
Venezuela Launches Its First Regulated Bitcoin Exchange Monkeycoin with Draglet
Bitcoin hasn’t always had an easy time in Venezuela. The government has consistently arrested suspected bitcoin miners and the banking industry forced the country’s former leading exchange, SurBitcoin, to suspend fiat deposits or withdrawals.
But in a country with rampant inflation, reaching a staggering 800% in 2016, surely bitcoin can provide some of the answers rather than be looked at as a problem to Venezuela’s ongoing crisis. As bitcoin doesn’t suffer from inflation in the same way that fiat currency’s do, it makes perfect sense to Venezuelans looking for a way to store their hard earned money without the risk of it just evaporating away.
The government has finally come around to the same view and has given official permission for one bitcoin exchange to fully operate, under the watchful eye of Sudeban, the country’s highest banking regulator.
Monkeycoin, as the exchange is known, is the first Venezuelan exchange to be working with the relevant regulatory bodies in order to bring the benefits of bitcoin where much needed.
By maintaining regular dialogue and full cooperation with the authorities on issues like KYC (know-your-customer) and on potential suspicious activity – though not easy, bitcoin is still prone to money laundering – Monkeycoin is aiming to show that a regulated bitcoin exchange is the best way forward for bitcoin in Venezuela.
Read the full article here: https://news.bitcoin.com/venezuela-launches-first-regulated-bitcoin-exchange-monkeycoin-draglet/
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