• Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the currency exchange market.
• The Venezuelan government is aiming to monitor the the movements of crypto-based P2P exchanges to protect the value of the bolivar.
• More than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency transactions since the end of 2021.
As the cryptocurrency industry continues to grow, governments around the world are taking steps to keep up with the changing digital financial landscape. In Venezuela, the banking watchdog Sudeban is working on a system to monitor crypto-related transactions to protect the value of the national currency, the bolivar.
The organization has stated that its goal is to “fight the irregular practices that attack our currency and the stability of the exchange market.” To this end, they are designing a system that can review crypto-based transaction in real-time, with the help of Sunacrip, the national cryptocurrency regulator. The aim is to monitor the movements of peer-to-peer (P2P) crypto exchanges and the U.S. dollar – Venezuelan bolivar exchange rate, which analysts have linked to the recent cryptocurrency drought in the country.
In addition, more than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency transactions since the end of 2021, as reported by Legalrocks, a national financial information website. This is part of the government’s efforts to clamp down on illegal activities associated with cryptocurrencies and protect the value of the bolivar.
The Venezuelan government is clearly taking steps to ensure that the cryptocurrency industry does not have a negative impact on their economy. While the country has been hit hard by the global pandemic, the government’s efforts to protect the value of the bolivar are a positive sign that they are taking the industry seriously and looking to safeguard the stability of the currency.