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Home News Latest News

Venezuelan Banks Suspend Crypto-Related Accounts

28 December 2022
in Latest News, News
Reading Time: 3 mins read
107 6
Venezuelan Banks Suspend Crypto-Related Accounts

image source: news.bitcoin.com

As the use of cryptocurrency continues to grow in popularity, Venezuelan banks have increased their efforts to monitor accounts that are frequently associated with cryptocurrency transactions. In a recent blog post, Legalrocks, a Venezuelan law firm specializing in cryptocurrency and blockchain, reported that over 75 cases of accounts being suspended or under investigation had been recorded since the end of 2021. 

According to Ana Ojeda, CEO of Legalrocks, using these accounts to exchange fiat currency for cryptocurrency or to receive payment for a cryptocurrency sale should not be grounds for blocking them. However, she stated that this changes if there is evidence that the funds used in these transactions are tied to illegal or criminal activities. 

Ojeda emphasized the importance of proper due diligence in cryptocurrency transactions and urged individuals to ensure that they operate within the law’s bounds. She also encouraged those who have had their accounts suspended or are under investigation to seek legal counsel to protect their rights and interests. 

Ojeda further explained that Stablecoin exchanged through peer-to-peer (P2P) markets have become increasingly popular in Venezuela due to the country’s ongoing economic crisis and the widespread devaluation of its national currency, the bolivar. 

In recent years, the bolivar has suffered from high inflation levels, making it increasingly difficult for people to rely on it as a stable store of value. As a result, many individuals in Venezuela have turned to stablecoins to protect their wealth and maintain the purchasing power of their money. 

As cryptocurrency continues to gain mainstream adoption, individuals and businesses must understand the legal implications of their transactions. By working with reputable law firms and adhering to the laws and regulations in place, individuals can ensure that their cryptocurrency dealings are conducted safely and legally.

 

 If you want more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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