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Author Topic: [2018-06-15] Venezuela Begins Monitoring Bank Accounts for Crypto Transactions  (Read 46 times)
tyz
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June 15, 2018, 12:44:33 PM
 #1

Venezuela Begins Monitoring Bank Accounts for Crypto Transactions

The government of Venezuela has started monitoring the bank accounts of its citizens for cryptocurrency-related transactions.

https://news.bitcoin.com/venezuela-monitoring-bank-accounts-crypto-transactions/

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June 15, 2018, 07:40:28 PM
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Venezuela Begins Monitoring Bank Accounts for Crypto Transactions

The government of Venezuela has started monitoring the bank accounts of its citizens for cryptocurrency-related transactions.

https://news.bitcoin.com/venezuela-monitoring-bank-accounts-crypto-transactions/
For those who do make conversions from crypto to fiat then its normal they would really be monitored out just like on my country. They are already fully aware for those bank accounts that do being credited by big transactions to be involved on cryptocurrency.Just like happens to my case, im just an ordinary citizen but when crypto is booming up on our country they are making surveillance for users who are involved or connected to crypto transactions. Not a surprising news though.

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squatter
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June 15, 2018, 07:55:55 PM
 #3

Venezuela Begins Monitoring Bank Accounts for Crypto Transactions

The government of Venezuela has started monitoring the bank accounts of its citizens for cryptocurrency-related transactions.

https://news.bitcoin.com/venezuela-monitoring-bank-accounts-crypto-transactions/

For those who do make conversions from crypto to fiat then its normal they would really be monitored out just like on my country. They are already fully aware for those bank accounts that do being credited by big transactions to be involved on cryptocurrency.Just like happens to my case, im just an ordinary citizen but when crypto is booming up on our country they are making surveillance for users who are involved or connected to crypto transactions. Not a surprising news though.

It's much more severe than most countries. The emphasis goes beyond typical AML/KYC and deterrence of tax evasion via identification. Here's a quote from the article:
Quote
Accounts found to contain crypto transactions at prices which the government considers to be “undermining the national currency” will be “severely punished,” Vice President Tareck El Aissami said.

The government is lumping cryptocurrencies in with other store-of-value assets in a war against capital flight. These are the signs of a weak government and a dying sovereign currency:
Quote
Following the launch of “Operation Paper Hands,” as news.Bitcoin.com previously reported, the Venezuelan government has initiated the next phase of its plan to reduce capital flight, calling it “Operation Metal Hands.”

[...]

The operation further targets capital flight via cryptocurrencies. El Aissami explained that the government will start monitoring bank accounts for crypto-related transactions and will prosecute those trading them “at speculative prices.”

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June 15, 2018, 09:33:34 PM
 #4

They focused on what they called gold smugglers then they targeted cryptocurrencies which are traded with USD to avoid later the devaluation of their local currency. They closed also some exchanges and authorised others which don't seem to trade cryptocurrencies? What is going on with them!

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June 16, 2018, 11:28:57 AM
 #5


It's much more severe than most countries. The emphasis goes beyond typical AML/KYC and deterrence of tax evasion via identification. Here's a quote from the article:
Quote
Accounts found to contain crypto transactions at prices which the government considers to be “undermining the national currency” will be “severely punished,” Vice President Tareck El Aissami said.


And yet there are still many naive newbies, even on this forum, who think that Venezuela is some sort of crypto paradise where cryptocurrencies are accepted by the government just like their national currency. People really don't understand that the kind of socialism that exists in Venezuela is inherently hostile towards cryptocurrencies, gold, foreign currencies because they all allow people to avoid crumbling national currency.

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June 16, 2018, 11:50:23 AM
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It's much more severe than most countries. The emphasis goes beyond typical AML/KYC and deterrence of tax evasion via identification. Here's a quote from the article:
Quote
Accounts found to contain crypto transactions at prices which the government considers to be “undermining the national currency” will be “severely punished,” Vice President Tareck El Aissami said.


And yet there are still many naive newbies, even on this forum, who think that Venezuela is some sort of crypto paradise where cryptocurrencies are accepted by the government just like their national currency. People really don't understand that the kind of socialism that exists in Venezuela is inherently hostile towards cryptocurrencies, gold, foreign currencies because they all allow people to avoid crumbling national currency.

Yeah, I'm tired to even start arguing with those that think BTC will help Venezeuala turn into an economic superpower.
But, in always surprising Venezuela it might really pay off to deal in cryptos and get sentenced
In chaotic Venezuela, life is better in prison


The government is lumping cryptocurrencies in with other store-of-value assets in a war against capital flight. These are the signs of a weak government and a dying sovereign currency:

Signs? We don't need signs anymore for that  Grin
The Bolivar is not dying, is dead and buried and the cemetery is already in ruins.





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June 16, 2018, 01:12:26 PM
 #7

In countries such as Venezuela it is impossible to conduct business. Business loves predictability. But in dictatorial countries there are no clear rules. There everything is subordinated to the dictator's will. In addition, this country is under sanctions. Every businessman may have problems with legalization and withdrawal of his capital.
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June 16, 2018, 09:19:13 PM
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And yet there are still many naive newbies, even on this forum, who think that Venezuela is some sort of crypto paradise where cryptocurrencies are accepted by the government just like their national currency. People really don't understand that the kind of socialism that exists in Venezuela is inherently hostile towards cryptocurrencies, gold, foreign currencies because they all allow people to avoid crumbling national currency.
The situation is still fair over there in Venezuela when compared to Bangladesh. The police practically hunt down and arrest people who make use of anything crypto-related.
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