Cryptocurrency

Bitcoin Miners Must Register as Venezuelan Government Clampdown on Digital Coins Continues

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Venezuelans are not deterred by the government’s clampdown as they continue to embrace bitcoins and other digital currency.

This time the government says bitcoin miners in the country must register in a bid to have a tight grip on the use of bitcoin, its miner, users and how much they have and spend.

Even at that, people in that country are still not determined to survive from the little they make from bitcoin, which has changed the way everyone saw currency in recent time.

President Maduro appoints cryptocurrency superintendent

President Maduro is serious about the clampdown, and we may see different things unfolding in the days ahead as the government has mandated national registry of bitcoin miners, which is launching December 22, 2017 to gag the use of bitcoin.

Carlos Vargas is the leader of the body that will regulate the inflow and outflow of cryptocurrency in Venezuala, in a recent speech, he was quoted as saying, “We want to know who they are, we want to know where they are, we want to know what equipment they are using.”

Already, one of the owners of bitcoin mining equipment, Daniel Andrés Di Bartolomeo Viloria, has been arrested while detectives took position of his 21 mining rigs.

Viloria faces charges of money laundering, illicit enrichment, computer crimes, financing terrorism, exchange fraud, and damage to the national electric system.

Bitcoin is a Matter of Survival

While the crackdown continues, its citizens see bitcoin as a matter of survival as they are able to settle bills from gains from bitcoin trading, writes news.bitcoin

Citizens have been forced to use bitcoin to be able to provide basic necessities for their families such as food, medicine, and clothing. In one lengthy report about the situation, Venezuelan John Villar describes how he used bitcoin to buy plane tickets abroad and medication for his wife as well as pay his employees’ salaries. He said: “This is not a matter of politics. This is a matter of survival.”

Countries where bitcoin has gained much popularity are trying to violate one of the unique features of the digital coin: decentralization, free from control, would governments around the world succeed in their bid to control bitcoin?

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