{"id":25962,"date":"2023-06-22T09:30:14","date_gmt":"2023-06-22T13:30:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/venezuelas-cryptocurrency-mining-ban-damages-industry-maduro-once-supported\/"},"modified":"2023-06-22T09:30:16","modified_gmt":"2023-06-22T13:30:16","slug":"venezuelas-cryptocurrency-mining-ban-damages-industry-maduro-once-supported","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25962","title":{"rendered":"Venezuela’s Cryptocurrency Mining Ban Damages Industry Maduro Once Supported"},"content":{"rendered":"
\n

Venezuela<\/strong>\u2019s ban on cryptocurrency mining has severely damaged the industry that\u00a0President Nicol\u00e1s Maduro<\/strong>\u00a0once supported.\u00a0<\/p>\n

Back in March, the state regulators\u00a0ordered a halt on mining cryptocurrencies\u00a0after an investigation into a corruption scheme in which crypto wallets redirected payments owed to the state-run oil company Petr\u00f3leos de Venezuela.\u00a0<\/p>\n

So far, around 80 people have been arrested in connection to the oil scandal, including former technology minister Hugbel Roa and Joselit Ram\u00edrez, who managed the crypto superintendence.<\/p>\n

However, as the state\u2019s halt on crypto mining approaches its third month, more and more miners could be forced to sell their rigs and shut down permanently.\u00a0<\/p>\n

This comes even as Maduro had\u00a0pushed the use of crypto\u00a0and specifically the Petro sovereign token, issued by the government, as a tool to bypass sanctions and as an alternative to the Venezuelan bolivar.<\/p>\n

\u201cIt is unfortunate that after going through so much trouble to formalize and do things right, we are now in this situation,\u201d Alexis Lugo, who\u2019s been working in digital assets for seven years and now leads an educational crypto project called Criptoneros,\u00a0told Bloomberg in an interview.\u00a0<\/p>\n

According to estimates from mining groups, approximately 75,000 units of mining equipment have been disconnected, the equivalent of an entire fleet of machines owned by a major publicly traded mining company such as Riot Platforms.\u00a0<\/p>\n

The report added that Venezuela\u2019s intelligence police, known as\u00a0Sebin<\/strong>, has been auditing miners, asking for confirmation that funds used to purchase equipment didn’t come from the oil corruption scheme.\u00a0<\/p>\n

However, no miners are known to have been detained or charged with a crime.\u00a0<\/p>\n

\u201cThe innocent are paying for the sins of the guilty,\u201d said\u00a0Juan Blanco<\/strong>, chief executive officer of\u00a0BitData<\/strong>, a 10-person crypto miner in Caracas that\u2019s also focused on crypto education.<\/p>\n

Crypto Mining Industry Struggles Worldwide<\/h2>\n

Venezuela\u2019s ban on crypto mining comes as miners from across the globe struggle with the plunge in\u00a0Bitcoin (BTC)\u00a0prices on top of higher electricity costs.<\/p>\n

In December last year,\u00a0Core Scientific<\/strong>, the largest public Bitcoin miner by computing power,\u00a0filed for bankruptcy.\u00a0<\/p>\n

At the time, the company has attributed its bankruptcy to a $7 million unpaid debt from\u00a0Celsius Network<\/strong>, a\u00a0bankrupt cryptocurrency lending company, besides slumping crypto prices and rising energy costs for mining.\u00a0<\/p>\n

Aside from Core Scientific, other\u00a0crypto mining firms\u00a0are also struggling amid the market downturn.<\/p>\n

Argo Blockchain<\/strong>,\u00a0Iris Energy<\/strong>, and\u00a0Greenidge Generation<\/strong>\u00a0are among the more notable Bitcoin mining companies that are facing financial issues.\u00a0<\/p>\n

Meanwhile, some countries are taking a different approach, pushing for regulation instead of a ban.\u00a0<\/p>\n

Earlier this week,\u00a0Russia<\/strong>‘s\u00a0<\/strong>Ministry of Energy\u00a0announced that it is pushing for the legalization of industrial crypto mining, and wants lawmakers to press ahead with a much-anticipated mining-related bill.<\/p>\n

Likewise, the government of Kazakhstan has\u00a0announced\u00a0plans to introduce new crypto regulations to curb tax fraud and unlawful business operations.\u00a0<\/p>\n

One of the proposed regulations calls for government approval for secured digital assets issuers, while another would require miners to sell at least 75% of crypto earned via registered exchanges.\u00a0<\/p>\n

These new regulations are expected to reduce tax evasion and improve governance.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Venezuela\u2019s ban on cryptocurrency mining has severely damaged the industry that\u00a0President Nicol\u00e1s Maduro\u00a0once supported.\u00a0 Back in March, the state regulators\u00a0ordered a halt on mining cryptocurrencies\u00a0after an investigation into a corruption scheme in which crypto wallets redirected payments owed to the state-run oil company Petr\u00f3leos de Venezuela.\u00a0 So far, around 80 people have been arrested in […]<\/p>\n","protected":false},"author":1,"featured_media":25963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-25962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nVenezuela's Cryptocurrency Mining Ban Damages Industry Maduro Once Supported | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Venezuela\u2019s ban on cryptocurrency 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