It seems that a new country is in the spotlight for its difficulties in accessing cryptocurrencies. Unfortunately, it doesn't seem to be good news.
In recent days I wrote two articles which dealt with the difficulties of access to cryptocurrencies in certain countries. One about the current situation in India and the different authorities which in turn authorize or ban cryptocurrencies. And an other about the attraction of Chinese people for Tether which is used to circumvent the law prohibiting the purchase of Bitcoin.
And today it seems that Venezuelans are facing difficulties in their quest to obtain cryptocurrencies. Indeed, the Paxful exchange platform would have decided to no longer allow users to carry out transactions made with the state-owned Bank of Venezuela.
This would also follow President Trump's sanctions.
This is really not good news for Venezuelans because Bitcoin had taken a large part of the country's economy recently because of COVID-19. For Venezuelans it is obvious that :
This measure affects the development of the crypto ecosystem in Venezuela
Even if only trades involving the Bank of Venezuela have been banned, couldn't a ban targeting other banks follow ? If you want my opinion, it's still a bit ironic because this time it's an exchange platform that refuses to deal with a bank.
In addition, there are outstanding questions.
Will other exchange platforms follow and ban transactions made with the state-owned Bank of Venezuela ? What will be the impact on the price of Bitcoin and cryptocurrencies in general ?
Feel free to share your thoughts in the comments.
Thanks for reading me, have a nice day, stay safe !
