Venezuela Maintains Crypto Mining Ban Amid Energy Crisis
The Venezuelan government has reiterated its ban on crypto mining, citing a 9-year high in energy demand. On May 7, the National Electric System recorded a peak demand of 15,579 MW, which officials attribute to a heat wave and economic growth. Power rationing measures have already been implemented, affecting citizens.
The statement from authorities clearly says: “the absolute ban on digital mining in the national territory is upheld.” Those caught mining illegally will face sanctions. An oversight plan has been established to enforce this order. It seems the government is serious about cracking down, even though many Venezuelans have turned to mining as a way to earn income amid hyperinflation.
Tether Files $300 Million Lawsuit in Brazil Against Titan Holding
Tether has taken legal action in São Paulo to recover a $300 million loan defaulted by Titan Holding, a company within the Master conglomerate. Daniel Vorcaro, the owner of Banco Master, was arrested on Thursday. Banco Master was liquidated by Brazil’s Central Bank in November after a $2.2 billion shortfall in reserves was discovered.
According to local reports, Tether Investments loaned the money a year ago, before the scandal broke. The loan was due for repayment by March 28. So far, Tether hasn’t received any payment. In the lawsuit, Tether is asking a judge to freeze assets held by Titan, Master Holding, and Master Participações. It’s a messy situation, and it might take time to resolve.
Stablecoins Dominate Peru’s $28 Billion Crypto Market
Peru’s cryptocurrency market is now worth an estimated $28 billion annually, and stablecoins make up 90% of all transactions. That’s according to Daniel Acosta, Binance’s Latam North General Manager. He noted that dollar-pegged stablecoins are driving demand, especially for remittances and cross-border payments.
Acosta pointed out that using stablecoins removes middlemen, making transfers cheaper and faster. In a country where access to US dollars can be limited, stablecoins serve as a practical proxy. It’s not surprising that Peruvians are embracing them, given the economic instability in the region. Other Latin American countries might follow a similar path.
