Venezuela’s Ban on Crypto Mining Is Ruining the Industry It Once Embraced
- Corruption probe ensnares crypto industry with halt on mining
- Cash-strapped miners could be forced to close as ban drags on
This article is for subscribers only.
Venezuela’s temporary ban on mining cryptocurrencies within the country is effectively killing the industry President Nicolás Maduro worked hard to promote.
State regulators first ordered a halt on crypto mining in March, after opening an investigation into a large corruption scheme in which crypto wallets were allegedly used to redirect payments owed to the state-run oil company Petróleos de Venezuela SA.