Topic: Venezuela - buying BTC for the withdrawal of capital (Read 108 times)

Venezuela will monitor the bank accounts of citizens to identify crypto transactions

The Venezuelan government began to monitor the bank accounts of citizens to identify crypto-currency transactions. Account holders who have carried out transactions related to crypto-currencies that the government considers "undermining the basis of the national currency" will be "severely punished", said acting vice-president Tarek El-Aissami.

The Venezuelan government last week embarked on the next phase of the Operation Paper Hands project, designed to reduce capital outflow from the country, calling this phase Operation Metal Hands.

The government's initiative is aimed at combating "gold smugglers" who buy gold from small mines and then sell it abroad. During the investigation, "it was discovered that these mafia structures are manipulating the dollar exchange rate" in the country, Tarek El-Aissami said, adding that "they use the crypto-currency market to destroy the monetary system of Venezuela."

The operation is aimed at combating the outflow of capital through bitcoins and crypto-currencies. El-Aissami explained that the government will begin to monitor the banking transactions related to the crypto-currencies and will hold those who sell "at speculative prices" accountable.

    "This is part of the war against the financial system of the country, and they [the government] will apply in the future measures to combat those who realize this conspiracy, through crypto currency," reads the publication in Aporrea.

La Red's edition quotes Tarek El-Aissam's following statement:

    "Account holders, for whom we will identify manipulation, will be severely punished and brought to trial"

He also disclosed that at the previous stage of the government operation, "5 billion bolivars (~ $ 50,000) were frozen on the accounts of Banesco bank, and 12 trillion bolivars (~ 120,000,000 $) were seized, since they were intended for smuggling to Colombia ", Quoted El-Aissa edition Aporrea.

Since the launch of the operation, the government has closed three companies engaged in intermediation in the conduct of illegal money transfers, including two crypto-exchange exchanges. However, the government soon discovered that the shadow crypto-currency transactions did not go away. This led to the Vice-President instructing the three exchanges of the Venezuelan capital Caracas to engage in all legal exchange operations, quoted Correo Del Orinoco:

    "We authorized three exchange firms, private companies, private exchange operators, to carry out all operations related to cryptography"

On the websites of authorized exchanges, Zoom, Italcambio and Insular, however, there is no information that they work with crypto-currencies.

In April, Venezuelan President Nicholas Maduro authorized 16 crypto-exchange sites for the implementation of crypto-currency operations after the launch of the national crypto currency petro. Meanwhile, Venezuelans have already surpassed not one record in terms of buying bitcoins, trying to save their savings, given the dizzying inflation in the country.