The authorities in Venezuela have issued a stern warning to cryptocurrency companies, insisting that all their activities come to a halt until further notice.
This move comes in light of a massive corruption scandal that could potentially involve the leak of up to $20 billion from the country.
Officials have launched an investigation into the matter and are determined to get to the bottom of it.
According to sources close to law enforcement agencies, the government has ordered a complete ban on all currency exchange transactions involving national payment platforms, mining companies, and cryptocurrency exchanges.
The state-owned oil and gas company, Petroleos de Venezuela, is suspected of fraudulent activities, along with some politicians believed to be associated with President Nicolas Maduro.
As part of the investigation, the National Anti-Corruption Police is scrutinizing bitcoin mining companies to establish any links between them and those implicated in the case.
Law enforcement officials are also checking whether the miners have the required permits and up-to-date documentation to operate in the country.
The crypto industry in Venezuela is now in limbo, and it is unclear when they will be given permission to resume operations.
The investigation could take some time, and until the government issues a special order, all activities related to cryptocurrency are to remain suspended.
This is not the first time Venezuela’s financial sector has come under attack.
Recently, the country’s largest bank, Banco de Venezuela, fell victim to a ransomware attack that demanded a cryptocurrency payment in exchange for the decryption and restoration of access to their data.
Despite these setbacks, authorities remain committed to ensuring that the country’s financial system remains safe and secure for all its citizens.