Venezuela is again breaking records for BTC-transactions, despite the introduction of new regulatory standards

Venezuela is again breaking records for BTC-trading, continuing to engage citizens in the light of economic chaos, despite the new regulatory measures, which include fines of up to 18,000 dollars.

According Coin Dance that monitors trading volumes in the P2P platform Localbitcoins, Venezuela again broke its own records in the week to 2 February.

Last week, Venezuelans spent transactions 17.1 billion bolivars or 1972 BTC, which is 1.2 billion bolivars more in comparison with indicators of last week.

Sharp growth of popularity of Bitcoin did not go unnoticed by local regulators. On Monday, the Agency issued a decree expanding his powers even to the confiscation of mining equipment.

Under the new law, for the violation of its citizens will be fined up to 18 000 dollars, said local newspaper Cryptonoticias:

“Those who are engaged in any activity connected with creation, production, organization, operating activities and the use of (Petro) and cryptocurrencies, including bitcoin mining without obtaining permission of regulators, thereby violating the decree, will be fined from 100 to 300 (Petro)”

This summer, the Venezuelan government began to monitor the Bank accounts of citizens to identify cryptocurrency transaction account holders, who carried out the transactions associated with cryptocurrencies, which the government considers “undermining the foundations of national currency” will be “severely punished”, said the acting Vice-President Tarek al-Aissami.

The post Venezuela is again breaking records for BTC-transactions, despite the introduction of new regulatory standards appeared first on FineCrypto.

FineCrypto