Venezuela’s new cryptocurrency regulator has taken a tough stance on the industry’s growth and ordered the closure of all cryptocurrency exchanges registered with the country’s cryptocurrency regulator, “Sunacrip.”
The major move comes after President Nicolás Maduro ordered a reorganization of the country’s cryptocurrency regulator following the arrest of the country’s cryptocurrency chief Joselit Ramirez.
While there has been no official confirmation of the action, the Venezuelan National Cryptocurrency Association has confirmed that it has now cut off prominent political protege Tareck el Aissami and his colleague Joselit Lamy as the country conducts an anti-corruption investigation.
According to sources, the new regulator is unhappy with the growth of the industry and wants to create a tighter control environment. The closure of these exchanges was seen as a warning to other cryptocurrency businesses operating in the country.
In addition to cryptocurrency exchanges, regulators also ordered the closure of all cryptocurrency mining farms in the country. This has raised concerns among cryptocurrency miners, who are now looking for ways to continue operating.
The cryptocurrency industry in Venezuela is growing rapidly, with many people using cryptocurrencies as a way of bypassing the country’s economic crisis. However, this move by the regulator is seen as a major setback for the development of the industry.
As the industry faces more challenges, many experts believe that the future of cryptocurrencies in Venezuela remains uncertain. The regulator’s actions could have far-reaching consequences, not just for the country’s cryptocurrency industry, but for the broader industry in Latin America.
The closure of cryptocurrency exchanges and mining farms by new Venezuelan regulators marks a major shift in the country’s attitude towards the cryptocurrency industry.