Venezuela will begin monitoring crypto-transactions under the framework named “Operation Metal Hands.” The government will look into their citizens bank account to identify cryptocurrency transactions and take subsequent legal measures against those who trade cryptocurrencies "at speculative prices."
“This is part of a war to hit the financial system of the country,” according to Vice President of the country, Tareсk El Aissami.
Authorities are confident that crypto-currency trading negatively affects the volatility of the Bolivar against the US dollar. The government also decided to launch an operation to preventing the outflow of capital from the country through cryptocurrencies.
“This is part of a war to hit the financial system of the country. And they [the government] will exercise future actions to hit those who try to conspire through cryptocurrencies,” Tareсk El Aissami said.
The Initial reason for the operation was the fight against illegal gold mining and channels for its sale. Then officials revealed that such illegal transactions were conducted using digital currency and thus it was nessesary to verify the crypto transactions. This was the first part of the operation that was called “Operation Paper Hands.”
According to El Aissami, two cryptocurrency exchanges have already been terminated. Also, within the framework of “Operation Paper Hands”, $50,000 (5 billion Bolivars) were frozen on accounts at Banesco Bank. In addition, the authorities have discovered areound $120ml (12 trillion bolivars), which were intended to be smuggling over to Colombia.
By Ekaterina Ulyanova