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Venezuela

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Effective September 21, 2020, the Office of the National Superintendent of Cryptoassets and Related Activities (SUNACRIP) will be regulating the activities related to (i) the use, import and commercialization of digital mining equipment, parts and pieces; (ii) adaptation of spaces to offer the hosting service for digital mining, including the manufacture, assembly, repair and improvement of such equipment; and, (iii) digital mining services in the cloud. With the entering into force of these new guidelines…

President Donald Trump signed an executive order today that imposed sanction against Venezuela’s cryptocurrency, the “petro.”  Trump’s executive order prohibits U.S. persons and others subject to U.S. jurisdiction from engaging in transactions involving any digital currency, coin or token issued by, for or on behalf of the Venezuelan government.  The petro has been opposed by opposition legislators in Venezuela’s opposition-controlled legislature, who consider it a violation of the constitution.

With most governments regularly issuing warnings against cryptocurrencies, Venezuela, on Tuesday, became the fist government to issue its own cryptocurrency, with the pre-launch of the Petro.  President Maduro announced on Twitter first-day presales of $735 million, though news outlets reported that the figure could not be substantiated.  The Venezuelan government says that each unit of the petro is pegged to the price of one barrel of Venezuelan oil. Many questions have been raised about the…