Fun

Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability

News Feed - 2022-12-30 08:12:40

Venezuelan Banking Watchdog to Oversee Crypto Transactions to Preserve Currency Stability


Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Analysts have recently linked the situation in peer-to-peer (P2P) crypto markets to the recent drop in the value of the bolivar. Venezuelan Government to Monitor Crypto Transactions


The Venezuelan government is aiming to monitor the the movements of crypto-based P2P exchanges to protect the value of the bolivar. On Dec. 20, the Venezuelan banking watchdog Sudeban explained that it is in the process of designing a system to monitor banking transactions in real-time, with the help of Sunacrip, the national cryptocurrency regulator.


While no more details were offered, the organization explained the objective is to “fight the irregular practices that attack our currency and the stability of the exchange market.” This means that the government looks to be examining the link between the volumes exchanged in cryptocurrency markets and the U.S. dollar – Venezuelan bolivar exchange rate.


While the government has not stated explicitly there is a direct relation between these two variables, analysts have linked the recent cryptocurrency drought in peer-to-peer markets due to the collapse of FTX, to the sudden rise in the aforementioned exchange rate. However, this is also said to be mixed in with other causes, such as the natural abundance of fiat currency in the market due to holiday-related payments.


Related to this measure, more than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency transactions since the end of 2021, according to Legalrocks, a national crypto-focused law firm. Devaluation and Inflation Cocktail


This would be one of the “drastic” measures that president Nicolas Maduro announced on Dec. 11 in order to subdue the devaluation of the bolivar, which has gone from 12.66 bolivars per dollar on Nov. 28, to almost 20 bolivars per dollar on Dec. 28. This follows another high devaluation period in November, which saw the bolivar lose 40% of its value.


The behavior of the exchange rate has worried analysts, who are now examining the possible effects this will have on inflation rates for December and into next year. The country recently exited a period of hyperinflation that started in 2017 and lasted four years. Jose Guerra, a Venezuelan economist, predicts a 30% inflation rate for December. The Central Bank of Venezuela has not released official inflation numbers since October, registering an increase of 119.4% in prices during the first 10 months of 2022. Tags in this story bank accounts, banking watchdog, Bolivar, crypto watchdog, Devaluation, Dollar, Exchange rate, Hyperinflation, monitor, sudeban, Sunacrip, Venezuela


What do you think about the idea of monitoring cryptocurrency-related bank transactions in Venezuela? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Report: Nigerian Central Bank Spent Over $1.8 Billion Managing Local Currency ECONOMICS | 18 hours ago Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars ECONOMICS | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDollar Loses to Digital Currencies in 2023, Former Russian President Medvedev Says Next articleCentral Bank Gold Demand Rose at the Fastest Pace in 55 Years, Analyst Says Silver Could Outperform Gold in 2023 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

Cardano Breaks Out Of Triangle—27% Surge Incoming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-d
Facebook Was Wooing Regulators Before Controversial Libra Reveal
Facebook sat down with the United Kingdom"s finance ministry, the central bank, and other regulatory officials in what was presumably a pre-emptive move to win favor before announcing its own self-titled cryptocurrency,
49 US States Unveil Unified Regulation for Cryptocurrency Firms
49 US States Unveil Unified Regulation for Cryptocurrency FirmsThe Conference of State Bank Supervisors, representing regulators from all U.S. states and territories, has launched a
Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex Exchange
Bitcoin Cash Vietnam-Based Fiat-to-Crypto Trading Support Added to Bvnex ExchangeThis week the trading platform Bvnex Exchange announced the support of bitcoin cash on the Vietnam-b
Okx to Launch Okx Collective, a Metaverse Experience Powered by Manchester City Soccer Players
Okx to Launch Okx Collective, a Metaverse Experience Powered by Manchester City Soccer Players Okx, one of the largest cryptocurrency exchanges in the market, has announced the lau
George Soros’ Fund Holds Bitcoin, CEO Says Cryptocurrency Has Gone Mainstream
George Soros" Fund Holds Bitcoin, CEO Says Cryptocurrency Has Gone Mainstream Soros Fund Management, founded by billionaire investor George Soros, has invested in bitcoin. The CEO
Judge has ‘strong views’ about Coinbase inquiry into Gensler’s private msgs
Turner Wright3 hours agoJudge has ‘strong views’ about Coinbase inquiry into Gensler’s private msgsJudge Katherine Polk Failla said she would hear from SEC and Coinbase lawyers on July 15 whether SEC Chair Gary Gen
Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support
Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the l
Coinbase Meeting With US Lawmakers to Discuss Crypto Regulatory Proposal
Coinbase Meeting With US Lawmakers to Discuss Crypto Regulatory Proposal The Nasdaq-listed crypto exchange Coinbase has been meeting with members of Congress to discuss the cryptoc
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea
Gaming Giant Animoca Brands Reveals Ban Against Russian Users, Co-Founder Compares Russia to North Korea Blockchain gaming firm Animoca Brands has revealed the company is breaking
Bitcoin avg transaction fee rises 937.7% in 24 hours
Arijit Sarkar1 hour agoBitcoin avg transaction fee rises 937.7% in 24 hoursBitcoin transaction fees surged nearly 940% on Aug. 22, reflecting heightened network demand and pressure on users.728 Total views1 Total sharesL