# Venezuela

ALL From Venezuela

Argentine Peso Plunges, Venezuela and Russia to Develop SWIFT Alternative, Bitcoin Mining Still Paused in Venezuela

In Argentina, the peso has lost over 10% against the US dollar in the past week, reaching over 440 pesos per dollar on April 21. The cause is attributed to the perceived weakness of the Argentine government, which has not been able to control inflation. The country has $2 billion in foreign currency reserves, low compared to Brazil's $350 billion. Venezuelans and Russians are developing an alternative to SWIFT, expected to be a messaging and settlements system that frees both countries from the influence of the US dollar as a regulator of commercial transactions. Bitcoin mining in Venezuela is still paused due to the ongoing PDVSA-crypto probe, causing losses of up to $11 million monthly for farm owners and $2 million for Corpoelec.

LockBit Ransomware Reportedly Strikes Venezuela’s Largest Bank

The Banco de Venezuela published a statement about the spread of information on social media that did not refute or confirm the story. On the morning of April 19, Twitter users began discussing how the LockBit ransomware had damaged Banco de Venezuela. Several specialized computer security portals have since confirmed the existence of a publishing on the darknet concerning the bank domain bancodevenezuela[.]com.

National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes

National cryptocurrency exchanges have paused their activities in Venezuela according to reports, as the anti-corruption probe on national crypto watchdog Sunacrip and unlawful oil sales continues in the country. Tarek William Saab, attorney general, confirmed the involvement of the institution in a parallel scheme that involved the sale of Venezuelan oil to third parties, mentioning Sunacrip as part of the criminal structure.

Cryptobuyer CEO Denies Exchange Closures in Venezuela

Eleazar Colmenares, the CEO of Cryptobuyer, denied rumors of the exchange closures (despite Cryptobuyer tweeting earlier about the closures), as well as an update from Asonacrip on the states where mining farms have been closed.

Exchanges and Mining Farms Shut Down in Venezuela

The new Superintendent of Cryptoassets ordered the closure of all cryptocurrency exchanges registered with Venezuela's National Superintendency of Cryptoassets, although this has not been confirmed officially. Asonacrip, the National Association of Cryptocurrencies, opposes this measure and has opened a public survey for input from the crypto community in Venezuela.

Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation

The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures.

Head of Venezuelan Crypto Watchdog Sunacrip Arrested on Alleged Corruption Charges; Institution to Face Restructuring

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales.

Crypto Neobank Wallbit Leaves Venezuela Due to Sanctions

Wallbit, a crypto-enabled neobank, announced it would stop serving users in Venezuela after its banking partner in the U.S. called on it to do so. The platform announced this move was the direct result of the economic sanctions that the country is currently facing, and that Venezuelans outside the country would continue to be served.

Prices in Dollars Rose Almost 54% in Venezuela During 2022

Prices in Venezuela have been rising steadily even when denominated in foreign currency. According to data collected by Ecoanalitica, a market research firm, prices marked in dollars have grown close to 54% during 2022, affecting the income and savings of Venezuelans that have been using the U.S. dollar as an inflation hedge. With prices denominated in the national fiat currency, inflation numbers are even worse, with food and beverage prices soaring by 150% during the same period. (