mining BItcoin is illegal activity in Venezuela....?

[watashi-kokoto]

The state is suffering from hyperinflation after sustaining social programmes.
The bolivar note getting cheaper every day.
And since power prices are pegged to their note, it's dirt cheap.
This makes Bitcoin mining extremely profitable.

[richmcrich]

I think they just want to have full control of the value of there currency, Therefore having some mined and sold is considered to be in someway manipulating the value of there currency.

[simonloff]

it's true that multiple countries like russia, china and venezuela is this report is true are trying to hold back bitcoin and not allow it a chance it there countries.... I think it is because they can't control it.

[Amph]

it's true that multiple countries like russia, china and venezuela is this report is true are trying to hold back bitcoin and not allow it a chance it there countries.... I think it is because they can't control it.

china has nothing to do with the other country you mentioned, they are allowing miners there, otherwise the current bitcoin network would be fucked, with 60% or more of the hash that would be lost

[lexuz]

i think it would make bitcoin trader or miner get trouble or maybe this is just a trick from their government to take a tax payment for bitcoin trader.

[ashkanb]

Venezuela is in a massive financial crisis with inflation rate averaging at 159% last year and is expected to grow even more this year.
(i remember reading somewhere that the International Monetary Fund predicted the inflation rate hitting a high of 700% in 2016.)

About a month ago Venezuelan high court approved and executive decree giving the president broader powers to intervene in the country's economy.
The decree, essentially gives the president the power to budget based on greatly underestimated inflation rate.

In a situation like this it's fairly expected to see the government crackdown on whatever mean or technology that they perceive might undermine the national fiat currency; instead of trying to actually solve the country's economic crisis!
On the other hand, people definitely would start looking for alternate means to preserve their assets! bitcoin to the rescue (hopefully.)

But the fact that any government would reserve itself the right to arrest its own people to cover for its own fuck ups pisses me off to no end!

[harrymmmm]

We're in the 'fight' phase of bitcoin adoption.

I think we'll see a lot more of this as the legacy systems are forced to change from covert to overt operations against bitcoin.

[Raimonn]

Venezuela don't want any economic system that they can't control. They want to control economic system, newspapers, tv ...

[RealPhotoshoper]

Earlier this week on Monday, an article was published on a state-owned media outlet in Venezuela, one which summed up bitcoin as a currency used by criminals and terrorist groups. The article was published by Corporación Venezolana de Televisión or VTV, a public network and state-owned broadcaster directly under the purview of the administration of the ministry of Popular Power for Communication and Information, in Venezuela.

https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/


after i read this news. im confusion, why mining bitcoin is illegal activity..?

we all know,venezuela still have economic crissis,someone already post about venezuela currency that drown so deep,and its normal if venezuela goverment ban or prevent people to mining bitcoin,its will make unstabilize condition on venezuela.

[5trade]

The exchange of currency is illegal unless you are a registered company!  Exchanging digit "currency" with fiat "currency" is illegal based on their currency exchange control laws.  You can always buy and sell digital goods for bolivar.  Heck you can even buy mining contracts.  Just dont exchange currency   

[Joshua kingpin]

So, drugs are legal in Venezuela, but bitcoin is illegal? 

[Bitcoinpro]

So, drugs are legal in Venezuela, but bitcoin is illegal? 

its the same everywhere

look at Uber, every jurastiction says

illeagal then holds out hand for a bag of

cash errb umm Bitcoins

[knowhow]

Instead of they be against bitcoin they should support as it would bring new and heavy investments at Venezuela ,or atleast the government could start mine bitcoins to stop the inflation unreal.I remember someone here with a wharehouse were offering the space and trying to get partners to enter with machines or capital to start the adventure,that were with the bitcoins at 200-250 dollars;

[s1lverbox]

So typical for gov which cannot controll something to call it dangerous/used by terrorist/gangsters.

We all bitcoin miners/users/traders are crimininal in venezuela. I know where i wont go for my holiday with my bitcoins.

[Zeke2345]

Some of these South American countries are holding on to power by the skin of their cheeks,think clamping down on anything different is just a natural process for them to protect self interests. There are still active death squads in some parts so limiting bitcoin and making it a crime is no shocker.
Imagine if the people could gain freedom in some of these places from the gong show of government,think if one Country was to go full hog it would spread like wild fire. This has to be the place we make the next big push for bitcoin,really believe this the more I look into the dynamics.

[BTCBinary]

yeah, it seems that Venezuela is waging war on bitcoin. The country is trying to impose capital controls, so they naturally will do all they can against bitcoin.

[edinar-currency88]

perhaps the authorities fear that many things will spiral out of control

[Slark]

This news only shows us how foolish some people in power are. If you live in some some country with stupid governments you are basically fucked.
In case you didn't know there is massive economic crisis in Venezuela right now. Government is so desperate that they even regulate access to electricity, food, necessities etc.

http://foreignpolicy.com/2016/04/01/in-venezuela-the-lights-are-going-out/

[Kakmakr]

It is purely a political decision to protect their own currency < Bolivar > and their reputation. They cannot control their finances and wants to shift the blame to other entities that they have no control over. Governments all over the world, manipulate their own currencies and economy to make them look more solvent than they are.

Investors and developers will not invest in a country, if it is on the brink of a collapse and all indications are that Venezuela is not very far from a economic collapse. The government of Venezuela cannot stop Capital fleeing from their country, if people use Bitcoin. They use their state owned media to fool their own citizens into thinking Bitcoin is bad.

[GoldSeal]

It probably has less to do with bitcoin being used by criminals and more to do with the fact that electricity in venezuela is free and their economy is collapsing.