Venezuela announces regulatory framework to boost cryptocurrency use and investment

November 24, 2018
Chris Wheal

A multitude of countries worldwide have been turning to crypto with the hopes to save their troubling economies, or to boost more revenue for the government. In a similar move, Venezuelan Parliament announced a new regulatory framework for the cryptocurrency legislation.

petro regulation

With the help of a new framework, local businesses can use cryptocurrency for carrying out daily transactions, or investing. Along with other available cryptocurrencies in the country, the framework is also aimed at boosting Venezuela’s own troubling cryptocurrency, Petro. The legislation move by the Parliament is a part of the so-called Program for Recovery, Growth and Economic Prosperity of Venezuela.

According to Gerson Hernandez, the legislator of the plenipotentiary body for the business sector and member of the Commission of Diversified and Productive Economy, the Parliament is now ensuring the proper establishment and application of the KYC (Know Your Customer) and AML (Anti Money Laundering) regulations. The new framework will further promote and strengthen investment in Venezuela businesses. Additionally, it will also allow carrying out foreign exchange operations legally using cryptocurrency, Hernandez said.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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