Venezuela Has Shut Down Its Crypto Mining Facilities

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The energy supplier for Venezuela has completely shut down the mining facilities of crypto throughout the entire country- which was a part of the reorganization of the national crypto department.

This was also said to be a part of the ongoing corruption investigations that involved the oil company in the country. According to reports from the local media, tweets from the National Association of Cryptocurrencies, and crypto mining companies, most of the mining facilities in the country were shut down in the last few days in the states of Bolivar, Carabobo, and Lara. As it turns out, it is pretty unclear as to how many crypto firms were affected by this tumultuous situation. Some of the crypto exchanges were also asked to cease their operations in the country. 

Venezuela Is Going Through A Complete Shakedown Of Its Crypto Structures

The total shutdown of crypto mining facilities in Venezuela could be a part of the ongoing investigation of corruption that involves PDVSA, the oil company in the country, as well as the crypto department of the country. Tarek William Saab, the attorney general of the country, stated on the 25th of March that the government officials had been allegedly running multiple oil operations with help from the national crypto department, as commented by Saab on Twitter. According to the attorney general, around 10 individuals had been arrested in relation to the investigations, which included Joselit Ramirez Camacho- which also led to the crypto department since it was created in 2018. 

Nicolas Maduro, the president of Venezuela, also announced the complete shakedown of the National Superintendency of Crypto Assets in a decree that had been issued on 17th March. The administration further claimed that this decision was all about protecting the citizens of the country.