• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, July 15, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Venezuela ceases crypto mining and exchange operations

by Om Chaturvedi
March 28, 2023
in Crypto
Reading Time: 2 mins read
0
Venezuela shuts down crypto exchanges and mining farms

Credits: CryptoNews

TwitterWhatsappLinkedin

Venezuela, a country that has been struggling with a severe economic crisis, has recently shut down cryptocurrency exchanges and mining farms. The move is part of the government’s crackdown on cryptocurrency trading, which it claims is contributing to the country’s economic instability.

You might also like

Arbitrum Crypto Quietly Rises as DeFi Demand Grows

Ethereum Co Founder-Backed SharpLink Bolsters ETH Reserves with $30M Buy

Bitcoin Cloud Mining in 2025: ZA Miner Introduces An Easy Way to Earn Bitcoin

According to reports, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) has ordered the immediate suspension of all activities related to crypto mining and exchange platforms. The order was issued on March 22, 2023, and affected all registered and unregistered crypto exchanges and mining farms in the country.

Venezuela Shuts Down Various Crypto Exchanges  and Mining Farms
Credits: CoinMarketCap

The government’s decision has sparked outrage among the crypto community, who view it as an attack on their rights and freedoms. Many have taken to social media to express their frustration and disappointment, with some accusing the government of attempting to stifle innovation and progress.

The move comes as a surprise, given that Venezuela had previously embraced cryptocurrencies as a way to circumvent US sanctions and boost its struggling economy. The country had even launched its own state-backed cryptocurrency, the Petro, which was designed to be used as a means of payment for goods and services.

However, the Petro failed to gain widespread acceptance, and the country continued to struggle with hyperinflation and a shortage of basic goods and services. The government blamed the economic crisis on sanctions imposed by the US and other countries, and turned to cryptocurrencies as a way to bypass them.

crypto currencies
credits: Yourstory

But now, it seems the government has changed its stance on cryptocurrencies, and is cracking down on their use in the country. The reasons for the change in policy are unclear, but some speculate that the government is seeking to assert greater control over the country’s financial system, or to prevent capital flight out of the country.

Whatever the reason, the move is likely to have a significant impact on the crypto industry in Venezuela. Many miners and exchange operators will be forced to shut down their operations, potentially leading to job losses and a decline in investment in the sector. The move could also push crypto traders and investors underground, making it harder for the government to monitor and regulate their activities.

In conclusion, the Venezuelan government’s decision to shut down cryptocurrency exchanges and mining farms has sent shockwaves through the crypto community. While the reasons for the move are unclear, it is clear that it will have a significant impact on the country’s economy and the crypto industry as a whole. It remains to be seen whether other countries will follow Venezuela’s lead in cracking down on cryptocurrencies, or whether the industry will continue to thrive despite the challenges it faces.

Tags: #Crypto#VenezualaMining
Tweet54SendShare15
Previous Post

CFTC recognized Litecoin as a digital commodity

Next Post

CFTC filed a lawsuit against Binance

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Arbitrum Crypto Quietly Rises as DeFi Demand Grows

by Techstory
July 15, 2025
0
Photo by Art Rachen on Unsplash

Over the past few months, Arbitrum has shifted from being just another hopeful Layer 2 project to a serious player in the Ethereum scaling space. What’s catching attention...

Read more

Ethereum Co Founder-Backed SharpLink Bolsters ETH Reserves with $30M Buy

by Anindya Paul
July 15, 2025
0
Ethereum

SharpLink Gaming (Nasdaq: SBET), led by Ethereum co founder Joseph Lubin, has made headlines again by purchasing 10,000 ETH—worth roughly $30 million today—directly from the Ethereum Foundation. This OTC...

Read more

Bitcoin Cloud Mining in 2025: ZA Miner Introduces An Easy Way to Earn Bitcoin

by Techstory
July 15, 2025
0
Bitcoin Cloud Mining in 2025: ZA Miner Introduces An Easy Way to Earn Bitcoin

Bitcoin has long been seen as digital gold, and its recent rally past $118,000 reinforces its dominance. But unlike previous surges, there’s little sign of trader frenzy. Why...

Read more
Next Post
Binance

CFTC filed a lawsuit against Binance

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple Artificial Intelligence bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?