Venezuela plans to monitor crypto transactions in real time

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32 seconds ago | 2 min read Bitcoin News Sudeban said it is developing a system to monitor financial transactions in real time. The government is looking at how much money is changing hands in the crypto markets.

To avoid a bolivar devaluation, the Venezuelan government plans to monitor P2P cryptocurrency transactions. On December 20, Venezuelan banking watchdog Sudeban said that with support from Sunacrip, the country’s cryptocurrency regulator, it was developing a system to monitor financial transactions in real time.

While the details were missing. The organization said it wanted to “fight irregular practices that attack our currency and the stability of the foreign exchange market”. Let the government examine how much money is changing hands in the cryptocurrency markets. And how this relates to the value of the US dollar against the Venezuelan bolivar is a very clear sign.

Seasonal influx of cash

Experts have connected the current cryptocurrency drought in peer-to-peer markets. Due to the fall of FTX at the aforementioned exchange rate. Although the government has not said so directly, there is a direct link between these two factors. It is claimed that this is aggravated by other factors. Such as the seasonal influx of cash into the economy via freebies.

According to Legalrocks, a nationwide crypto-focused legal practice, more than 75 bank accounts have been banned since the end of 2021 due to suspicious behavior related to cryptocurrency transactions.

In order to stem the depreciation of the bolivar, which fell from 12.66 bolivars to the dollar on November 28 to around 20 bolivars to the dollar on December 28, this would be one of the “drastic” measures described by President Nicolas Maduro December 11. The last sharp depreciation of the bolivar took place in November when its value fell by 40%.

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