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:
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
The Bolivar is not dying, is dead and buried and the cemetery is already in ruins.
