Use of cryptocurrencies in Venezuela is legally regulated
Venezuela has the necessary regulations in place for the use of cryptocurrencies in the country, where their adoption continues to grow, positioning it as a leading country in Latin America
Aníbal Garrido, director of the Blockchain, Trading & Crypto Academy at the Universidad Católica Andrés Bello in Caracas (UCAB), stated that cryptocurrency trading in Venezuela is legal, has a strong regulatory framework, and offers safe local alternatives for those who want to take their first steps in this market.
“In Venezuela, there are two regulated platforms: the cryptocurrency exchanges Crixto and Kontigo. The registration process is simple and takes only a few minutes, allowing any user to transfer bolivars to these platforms and convert them into cryptocurrencies like USDT, with just a couple of clicks,” Garrido emphasized in an interview with the radio station Unión Radio.
According to the expert, “starting with stablecoins (like USDT, whose value remains at a 1:1 parity with the dollar) is the most prudent recommendation for new users, thus avoiding immediate exposure to the volatility of the crypto market.”
Garrido identifies the main advantage of these platforms as the possibility of using the cryptocurrency balances to pay in bolivars, the local currency, using tools such as mobile payment.
He also referred to the operation of local exchanges, which must be registered with the National Superintendency of Cryptoassets (Sunacrip). “On the other hand, international platforms do not meet this requirement, which creates a gray area in the regulation.” Therefore, the expert recommends that users new to crypto trading select “platforms with a proven track record and high transaction volume” in the international market, among which he considers Binance, OKX, BBIT, and Bitgap.
M.Pino
Source: finanzasdigital
(Reference image source: Erling Løken Andersen on Unsplash)
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