Today it was announced that the Venezuelan government would be intervening "Banesco" the biggest and leading private bank of the country and aside from being the leading private bank, it is also the preferred platform when buying and selling crypto currencies for fiat and the most used bank for transfers in local bitcoins.

The bank has been intervened and the executives have been jailed for "complicity in speculative operations against the local currency" the government claims these actions are taken in order to protect the Venezuelan citizenship during 90 days, in which they expect they will manage to redirect the administration of the bank, cleansing it and cracking down on all illicit activities...

This of course, is just a smoke bomb by the government, they have had their eyes on the bank for years and it has been the government's top dog Diosdado Cabello's wet dream to expropriate the bank and with the rising inflation and the increasing trade of crypto currencies for fiat in the bank, they finally have an excuse to do a hostile take over of the bank, an expropriation like they usually do, no one here expects the bank to remain private for long, it will probably go into the hands of the government and turn into another puppet bank that they use to hide their shady dealings.

Right now, there's a lot of panic going around, a lot of scared people are trying to get all their funds out of the bank at the same time causing havoc on the internet platform, which is almost unusable at this point because half the country is trying to move their money out of the bank just in case the government decides to expropriate the bank, the last time they expropriated a bank a few years ago, its users over 180 days to get their money back, which right now, thanks to the situation of the country its the difference between dying out of starvation or living to fight another day.

Personally, I expect nothing good to come out of this and they'll probably start attacking other private banks since the Petro ICO failed their initial intent of gathering enough money to keep running their crap for a few months until oil prices recovered, I expect things to get worse in the next few days, especially as election day comes closer on May 20th.