Uphold withdraws with Venezuela, citing US sanctions

Crypto trading platform Uphold said it will be withdrawing support for users in Venezuela due to sanctions imposed by the United States government. In a Thursday announcement, Uphold said “owing to the increasing complexity of complying with U.S. sanctions” the platform would “very reluctantly” be moving out of Venezuela. The platform advised users to withdraw their funds as soon as possible, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” starting on Sept. 30. “As a U.S. financial institution, Uphold has to comply…

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P2P payments spurred crypto adoption across Venezuela in 2021

For Venezuela, 2021 has been a year of considerable changes at the microeconomic level, where even more than in 2020, the results of powerful catalysts for change such as COVID-19 were clearly visible.  In a more dynamic economy with a higher volume of operations with foreign currencies, cryptocurrencies played a key role during this year for the South American country.  In this review, we’ll take a look at the highlights of the Venezuelan crypto ecosystem in 2021 including related areas such as trading, play-to-earn (P2E) games, fintech, mining, regulation and…

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Venezuela to launch CBDC in October — and cut six zeros from its currency

The Central Bank of Venezuela will launch a CBDC in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation. As of Oct. 1, the digital bolivar will begin circulation in the economy. Its cash equivalent will get a new 1-bolivar coin, along with banknotes ranging from 5 Bs. to 100 Bs. as part of the six zero readjustment of the currency, The Central Bank of Venezuela made the announcement on Aug. 6.  The CBDC will be accompanied by an SMS-based exchange system…

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Venezuela ramps up Bitcoin payments for imports from Iran and Turkey

According to an investigative report from RunRun.es, Venezuela intends to increase its use of Bitcoin to pay for imports to bypass financial sanctions imposed by the United States. RunRun.es, which was founded by Venezuelan investigative journalist Nelson Bocaranda, cited anonymous sources from the country’s central bank who claim that “payments to companies from allied countries such as Iran and Turkey have been made using Bitcoin.” It is unclear, what these imports consist of, however, Turkey and Iran currently provide the country food and fuel in exchange for gold. Venezuela President…

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Pizza Hut to accept Bitcoin for pies in Venezuela

A famous U.S.-based pizza chain has begun accepting cryptocurrency payments in all its stores in Venezuela. According to a Nov. 27 tweet from crypto services firm CryptoBuyer, Pizza Hut stores in the South American nation now accept crypto as a form of payment for food and drinks. The move follows the crypto firm partnering with Mega Soft to drive adoption in Venezuela by facilitating crypto payments at more than 20,000 shops and businesses. “Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily…

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Venezuela trials ‘decentralized stock exchange’ that’s open to the world

Venezuela’s National Securities Superintendency has given the go-ahead for a 90-day pilot of a crypto-powered “decentralized stock exchange” in the country that aims to have a global reach despite international sanctions.  Cointelegraph Espanol reports that news of the Decentralized Stock Exchange of Venezuela’s authorization to operate was published in the country’s official gazette, issue 6,578, Sept. 29. The exchange is known as BDVE and its website claims that the platform comprises “the first decentralized stock exchange in the world.” It highlights that users will be able to access the exchange…

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Maduro claims crypto will play role in fighting sanctions against Venezuela

The President of Venezuela Nicolas Maduro says that the country’s government is now looking at diverse cryptocurrencies as a potential way of avoiding sanctions. On Sept. 29, Maduro presented a new bill that intends to help the country overcome the impact of United States’ sanctions.  As part of the bill, Venezuela will study the possibility of using various cryptocurrencies in both domestic and foreign trade. Maduro claimed that the new anti-sanctions bill involves both private and state-backed crypto initiatives like Venezuela’s oil-pegged cryptocurrency, the Petro: The anti-sanctions bill is the first…

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Venezuela sees its first Blockstream Bitcoin satellite node

A Bitcoin services startup based in South America has just launched the first Bitcoin node connected to the Blockstream satellite network within Venezuela. According to a Sept. 25 blog post from startup Cryptobuyer, the launch of the node will keep the Bitcoin (BTC) blockchain updated for Venezuela users without being dependent on a local internet connection. Crypto training course provider AnibalCripto deployed the node while CryptoBuyer provided financial and logistical support.  “Having a 24/7 always-available digital money system independent of local internet infrastructure is now a reality,” said AnibalCripto CEO…

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Ukraine, Russia and Venezuela are leading the world in crypto adoption: Chainalysis

Recent data published by Chainalysis revealed a surprising first place for Ukraine in the Global Crypto Adoption Index 2020, followed by Russia and Venezuela. The Index looks at three on-chain metrics: the total value of on-chain crypto transactions weighted by purchasing power per capita (PPP), the value of on-chain retail transfers weighted by PPP, and the number of on-chain crypto deposits weighted by the number of internet users. The index also factors in the volume of trades made on peer-to-peer (P2P) crypto exchanges weighted by both the number of internet…

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Venezuela May Soon Be Collecting Taxes in Crypto

The Bolivarian Council of Mayors in Venezuela signed the so-called “National Tax Harmonization Agreement” for 305 municipalities in the country, including the Petro (PTR) as a means to collect payments of taxes and sanctions. The cryptocurrency is becoming increasingly widely used as the result of a new campaign.  According to the government, the vice president of Venezuela, Delcy Rodríguez, will be in charge of implementing a single registry of taxpayers through a digital consultation tool. She will also be in charge of creating an information exchange and monitoring system for…

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