Venezuelan bitcoin miners have been forced to turn off their operations in as part of the country’s nationwide crackdown on corruption.
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a balance of the recent Parliamentary elections during a press conference at Palacio de Miraflores on December 8, 2020 in Caracas, Venezuela. On sunday 6th Venezuelans voted for the Parliamentary Elections with a 31% turnout and 68.4% of the votes for the United Socialist Party of Venezuela according to the National Electoral Council. Large-scale bitcoin miners have been forced to turn off their operations in Venezuela as part of the country’s nationwide crackdown on corruption.
Other crypto businesses, like crypto exchanges and payment platforms that were licensed under SUNACRIP’s guidance, have also paused their operations due to the. Venezuela’s crypto industry, considered one of the world’s most robust crypto ecosystems back in 2017, has crawled to a grinding halt. It all started when President Nicolás Maduro made the first Venezuelan national cryptocurrency in 2018, the petro token backed by Venezuelan oil and a basket of similar commodities.The Venezuelan regime created the SUNACRIP shortly after issuing the petro with the goal of evading U.S. sanctions. But theagainst the petro in 2019 too, so the oil-backed cryptocurrency only works within Venezuela’s borders.
Despite the robust bitcoin mining industry scattered throughout Venezuela for the past years, and how popular cryptos are in the country, even today only Maduro’s supporters and public employees use the petro cryptocurrency.
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