News Officials in Venezuela Cause Problems for two Local Cryptocurrency...

Officials in Venezuela Cause Problems for two Local Cryptocurrency Exchanges

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Venezuela is a country plagued by financial instability. The local government is making things better by cracking down on cryptocurrency activity. Two specific exchanges are forced to shut down indefinitely. Being able to convert between cryptocurrency and Venezuelan Bolivars is seemingly under a lot of scrutiny as of right now.

It is evident Venezuela can benefit from cryptocurrency. More specifically, decentralized cryptocurrencies, rather than the Petro itself. Unfortunately, it seems the local government wants to eradicate any and all competition in this regard.With two exchanges being shut down this week, things are not heading in the right direction.

Another Bad Decision by Officials in Venezuela

A new operation has been launched, known as Operation Paper Hands. Three illegal remittance houses are shut down, including Intercash and Airtm. Additionally, police officials have arrested 112 individuals. 107 Of those have already been trialed in court, indicating this is a time-sensitive venture.

This is not good news for companies dealing with cryptocurrencies and bolivars. Airtm is a big company in this regard, as is Rapidcambio. Both firms are now facing some issues and it seems unlikely they will open for business again in the future. However, operations outside of Venezuela should remain unaffected.

This is not the first time a country cracks down on cryptocurrency activity. Closing bank accounts of exchanges will only drive more people to cryptocurrencies in the long run. For Airtm and Rapidcambio, things aren’t looking great. More specifically, Rapidcambio has officially shut down indefinitely. Whether or not Airtm will remain operational, remains to be determined.

Header image courtesy of Shutterstock

Tags: Crackdown, exchange, venezuela

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