• Venezuelan banking watchdog Sudeban is working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market.
• Analysts have linked the situation in peer-to-peer (P2P) crypto markets to the recent drop in the value of the bolivar.
• The Venezuelan government is aiming to monitor the the movements of crypto-based P2P exchanges to protect the value of the bolivar.
Venezuela’s banking watchdog, Sudeban, is putting into place a system to monitor cryptocurrency transactions in order to preserve the stability of the exchange market. With cryptocurrencies becoming increasingly popular, the Venezuelan government is taking steps to ensure that these digital assets do not have a destabilizing effect on the bolivar.
Recent developments in the P2P crypto market have been linked to the decline in the value of the bolivar. To address this, the government has taken action to monitor the movements of crypto-based P2P exchanges. Sudeban is currently in the process of designing a system to monitor banking transactions in real-time, with the assistance of Sunacrip, the national cryptocurrency regulator. This system will allow them to keep track of the influence of crypto transactions on the exchange market and combat any irregular practices that could damage the value of the bolivar.
In addition, more than 75 bank accounts have been blocked due to suspicious activity related to cryptocurrency transactions since the end of 2021. These efforts are part of the government’s larger strategy to ensure that crypto transactions do not damage the stability of the exchange market.
While these measures have been put in place to protect the value of the bolivar, analysts are still sceptical about the effects of cryptocurrency on the local economy. As the government continues to monitor the movements of crypto-based P2P exchanges, it will be important to ensure that these measures are not too restrictive, as they could also have a negative effect on the growth of the digital economy.