Today, the exchange trading with Bitcoin (BTC) and other digital assets Uphold announced the closure of its operations in Venezuela, thus joining the group of companies that have bid farewell to this region due to the sanctions imposed by the United States on the country.
holding on not the first Withdrawal of the financial service from Venezuelan territoryIt certainly won’t be the last. A report published in 2020 by Venezuelan economist Luis Oliveros sheds light on the impact of US measures on the economy and other sectors of the country.
The document reveals that US sanctions affect the most vulnerable in Venezuela.
For ordinary citizens, this means a decline in financial services with increased risk aversion from banks and other entities operating in Venezuela or with Venezuelan institutions, which are obligated to comply with US sanctions.
This is exactly what Venezuelans are lamenting on Twitter, now, and when They must withdraw their bitcoin or other cryptocurrency they hold in Uphold before July 31.
from today, The company will no longer accept deposits from Venezuelan residents and will close all accounts with zero balance, As CriptoNoticias mentioned earlier.
Less Choice for Bitcoin and Other Cryptocurrency Users in Venezuela
After the announcement of Uphold, many users are turning to Twitter to self-expression.
“It was the worst news to start today,” “It is unfortunate because many for their private account We used it to collect” or “another purse decides to give her arm to twist”, she Expressions that originate from Venezuela’s Sudden Separation From Bitcoin Trading Service and other crypto assets.
There is a lot of regret about shutting down Uphold operations, however, Most of them focus on the steady departure of cryptocurrency exchanges in the country.
In 2019, it was the cryptocurrency exchange Bittrex that stopped providing its services to Venezuelans, although it did not explain the reasons for its decision.
Later, in September last year, Cryptobuyer Pro, the exchange set up by Cryptobuyer, also ceased operating in Venezuela. The same thing happened with the peer-to-peer (BTC) bitcoin exchange, which stopped operating in the country in 2020.
In fact, some users afraid The drive for cryptocurrency services from Venezuelan territory continues.
Penalties for whom?
Among Venezuelans’ elegies for Uphold’s departure, there are many Notes That US sanctions “affect more ordinary citizens, without even tickling the state.”
The thing is that the righteous pay more than the sinners. He said Twitter user. in the meantime, some people Believe Today, it is necessary to rethink the sanctions imposed by the United States on Venezuela.
Even redirecting sanctions against Venezuela is something economist Oliveros mentioned in his report. claims the need for reduce the impact of these measures They have on the economy of those who live in their lands.
US policymakers believed that these sanctions were short-term measures that would quickly lead to a democratic transition. But they have harmed the Venezuelan people more than the government,” Oliveros says in the document.
Anyway, there is also Venezuelans who stand out Benefits of keeping bitcoins in your personal wallets Because they can always use it as a medium of value exchange that is resistant to censorship. This is because a bank account is not required, and no third party intervention or services are required.
thus, Many encourage trading and payments with Bitcoin one to one or from person to person.