Venezuela

Bitcoin Miners in Venezuela Forced to Pay Bribes or Face Arrests as Government Tries to Shut it Down

The Bitcoin community in Venezuela faces an unusual situation. They are uncertain about their operations as the law enforcement agencies in the country are trying to put a stop to it. Meanwhile, if the cops do come knocking, they are left with two options — to shut shop or pay up and hope they take a lenient view and let them operate.

People have found a use for Bitcoin under a variety of circumstances, some of them when faced with a dire need. Venezuelans probably fall into the category of desperate people trying to overcome the country’s failing ecosystem by opting for an alternative currency.

Many news reports in the past few months have offered a detailed description of Venezuela’s Bitcoin market and how people are using the digital currency to order essential goods and supplies including medicines from online stores. While Venezuela faces the worst possible inflation, the government seems to be more concerned about curbing the use of Bitcoin.

The Venezuelan government agencies have been

Categories