The Venezuelan government has ordered the immediate shutdown of cryptocurrency mining and exchange facilities across the country amid a corruption probe. The announcement, which was made by the country’s vice president, Delcy Rodriguez, on Tuesday, has sent shockwaves through the crypto community.
According to Rodriguez, the move is part of a broader effort by the government to crack down on corruption and illegal activities that have been taking place in the crypto industry. “We have identified a number of irregularities and criminal activities in the mining and exchange of cryptocurrencies,” she said in a statement.
The decision to shut down these facilities comes just weeks after the country launched its own national cryptocurrency, the petro, in an effort to circumvent US sanctions and improve its struggling economy. However, it appears that the government is now cracking down on all forms of crypto activity in the country.
The move has been met with mixed reactions from the crypto community. Some have praised the government’s efforts to root out corruption and illegal activities in the industry, while others have criticized the move as a step backward for the country’s economy.