Surbitcoin On Hiatus Amid Venezuela Bitcoin Crackdown

The leading Bitcoin exchange in Venezuela, SurBitcoin has announced a temporary suspension of its service. The disruption of service, happening for the second time in less than a year is due to the refusal of its banking partner to continue offering banking services. SurBitcoin had issued a notice to all its customers asking them to withdraw their fiat and Bitcoin balance on February 3. According to reports, Banesco – SurBitcoin’s banking partner has not offered any explanation for the discontinuation of service. The recent developments are said to be part of the Government’s crackdown on....

SurBitcoin is back in business after suspending its fiat operations for few days due to banking issues. The Bitcoin community in Venezuela has something to cheer about while the fiat economy continues to falter. The largest Bitcoin exchange in the country, SurBitcoin is back in its full operational capacity. SurBitcoin, the Bitcoin exchange operated by BlinkTrade in Venezuela had run into some troubles with its banker, Banesco Bank after the latter froze its business account earlier this month. The loss of banking access had forced the Bitcoin exchange to temporarily halt fiat operations....

So far, three Bitcoin exchanges have established themselves in Venezuela. SurBitcoin is by far the biggest, whereas Yabit and Cryptobuyer are relatively new on the scene. Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future. The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to....

All of these actions are leading to a lot of questions being raised by the Bitcoin community in Venezuela, and some people are worried about whether or not they should get out of digital currency. After all, nobody wants to be arrested for their involvement in digital currency, even though such actions by governments are frowned upon by Bitcoin enthusiasts and industry experts all over the world. Bitcoin usage and adoption seems to be on the rise in certain countries around the world, although that was only a matter of time according to some industry experts. Venezuela is an interesting....

Perhaps the biggest announcement is how SurBitcoin saw their bank account being revoked this week. The bitcoin situation in Venezuela seems to be evolving in the wrong direction as of late. After four miners were arrested last week, four others were taken into custody this week. Moreover, the country’s leading bitcoin exchange had its bank account revoked. Things are not looking all that great for cryptocurrency in Venezuela, although bitcoin will find a way to route around these problems. The four new arrests in Venezuela paint a troublesome future for cryptocurrency in the country.....