Venezuela Limits Daily Withdrawals to $5; Market For Bitcoin?
Setting upon the same path as India, Venezuela has announced a major capital control regime. Starting on December 1, Venezuelans are only allowed to withdraw US$5 a day from financial service providers, banks, and ATMs. For years, Venezuela has been in the midst of a serious financial crisis. Low-income neighborhoods are protesting against the authorities, black market trades are being heavily regulated and even the wealthy population of the country struggle to obtain other reserve currencies and safe haven assets like the US dollars and gold. A dire financial situation has lead to....
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CEX. IO halves minimum limits for US Dollars withdrawals and introduces Individual Business and Corporate accounts. CEX. IO Bitcoin Exchange announces decreasing fees for withdrawals in USD and EUR, as well as lowering minimum limits for respective withdrawals. From now on, CEX. IO users will be able to withdraw their fiat earnings with better conditions, being charged a considerably lower commission. Thus, a fee for withdrawing US Dollars via bank transfer has decreased from $50 to $35 per transaction. Meanwhile, withdrawal cost in EUR remains only €10 within an ordinary SWIFT withdrawal,....
All of this goes to show the situation in Venezuela is more troublesome than many people assumed. As if the financial situation in Venezuela isn’t bad enough, bank ATM withdrawal limits have been restricted. Every bank customer can withdraw US$5 worth of Bolivars per day from now on. Going to the bank teller behind the counter is subject to the same limits. Not a positive development by any means and the situation will only grow worse. These new guidelines were designed to go into effect as of December 1, 2016. Several Venezuelan banks are already enforcing these new limits without prior....
With all of the drama surrounding Tokyo-based Mt. Gox, users of the service and bitcoin community members alike are eagerly awaiting to see what the company says next on the status of withdrawals. Just a reminder: thursday is the day, according to a news update provided Monday by the exchange, who said they are expecting to resume withdrawals "soon", albeit with daily and monthly limits in place. These limits are likely designed to prevent the exchange from crashing completely. With the bitcoin community running out of patience (and confidence) in the service's ability to run reliably, it....
Venezuela has ordered severe limits on bank withdrawals less than a week after India made changes to its cash currency precipitating long lines at the nation’s ATMs. Both of these government actions have led to an increase in interest on the digital currency, Bitcoin. Venezuela’s Superintendency of Banking Sector Institutions (Sudeban) forbade public and private banks from dispensing more than US $5.26 per day cash from branches or ATMs. Sudeban allows a maximum of four transactions allowing the withdrawal of up to approximately US $5. In the midst of crisis, Venezuela’s inflation has....
Mt. Gox has issued an official statement saying it has found a workaround for its bitcoin transaction malleability problems, which will see bitcoin withdrawals resume "soon". This comes after the team worked over the weekend to begin implementation of a new transaction system. It said the workaround was "thanks to our friends at Blockchain.info", with Blockchain's Andreas Antonopoulos and Ben Reeves "working like crazy" over the past week to help the company get things stabilized again. While some might regard the two as Mt. Gox's rivals, it is another example of different interests within....