The Venezuelan government recently banned the import of cryptocurrency mining equipment.
Venezuela has been highlighted by crypto-specialized media in recent months, kicked off by the announcement of the Petro, as a new national, petroleum based, “cryptocurrency” and the increasing adoption of Bitcoin as an answer to the economic collapse of the Bolivar.
Recently, the government decided to set a general blockage on the import of mining equipment. Venezuela has been qualified as one of the most cost effective countries to mine Bitcoin. Venezuelans have used cryptocurrency as an investment in order to easily exchange bolivar into other currencies without recurring to the black market, and the capital city, Caracas, has become a mining hub as the citizens struggle to survive.
As reported by local media, Venezuelan authorities have accordingly to a new policy announced this April, banned all mining equipment, such as different types of graphics cards and computers, as well as ASIC miners, in order to prevent locals from abandoning the state’s official currency entirely. Customs authorities have been seizing computer equipment by air and sea in the nationwide crackdown. According to Superintendent Carlos Vargas,
“We are in an evaluation process to select and authorize companies that are qualified to import and market digital mining equipment and be responsible for the respective guarantees in our country.”
Liberty Express and DHL have adapted to the new measures, either updating to inform users of the new restrictions or sending out notices to customer pages directly.
While the government has embraced cryptocurrency with the controversial launch of the Petro, the crypto asset tied to the value of oil, and started a new trend of nations adopting Cryptocurrencies in order to dodge economic regulations and sanctions; their stance on local miners is not as welcoming. Even boycotting complete mining operations in the region. The National Association of Cryptocurrencies will meet with the Superintendence of Cryptoactives and Related Venezuelan Activities to discuss the issue and perhaps outline a time limit to the ban.
by Samuel Larreal