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- 🍁 Golden Autumn, Big Prizes Await!
Gate Square Growth Points Lucky Draw Carnival Round 1️⃣ 3️⃣ Is Now Live!
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Gate’s brand-new Indicators Radar feature is live! Here you can:
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Open debate: El Dorado P2P closes in Venezuela and shakes the crypto ecosystem
The El Dorado P2P platform is no longer operating in Venezuela. Just like that.
Guillermo Goncalvez, its co-founder, seems quite affected. He insisted that they never wanted to promote speculation with the parallel dollar. The closure comes just as the government intensifies its control over currencies. It's not a coincidence. Several officials from platforms that referenced the dollar have ended up detained.
And now what?
Venezuelan crypto trading is faltering. El Dorado was essential for many. They bought USDC, USDT. They protected themselves from inflation.
The situation in El Dorado, out there in Bolívar, is somewhat ironic. Since 1890, they have lived off gold mining. They use the metal as money. It is tradition. Cryptocurrencies had appeared as a lifeline amid the economic chaos. Now this.
Regulation is tightening. It is not entirely clear what options will remain for the average Venezuelan. In the El Dorado region, where there are already tensions due to illegal mining and constant military operations, this blow to the crypto ecosystem complicates the situation further. Environmental and economic issues are piling up.