Global #Venezuela

Despite the disappearance of "crypto accepted here" signs, cryptocurrency usage is thriving in Venezuela.

Venezuela’s government has imposed restrictions on various online services, including the cryptocurrency exchange Binance and the social media platform X, following unrest over disputed presidential election results.

Venezuela's government has taken a significant step by implementing a ban on cryptocurrency mining, citing concerns about safeguarding the national electrical grid. This decision comes in the wake of a crackdown on crypto-related activities, including the confiscation of 2,000 mining devices in Maracay.

Experts caution that more rules are required in light of Venezuela's projected transition to digital currency.

According to Reuters, PDVSA is attempting to increase the amount of USDT it uses as a hedge against having its foreign bank accounts seized. The biggest stablecoin based on the US dollar is called Tether.