Venezuela, the South American country rolling out its national cryptocurrency, plans to restructure its crypto department. The move is aimed at improving the efficiency and effectiveness of the country’s cryptocurrency operations. This restructuring effort comes amidst the nation’s attempts to combat economic turmoil brought on by hyperinflation and international sanctions. The government has turned to cryptocurrency as a means of bypassing these challenges and supporting its struggling economy. The details of the restructuring are still unclear, but the focus will reportedly be on streamlining processes and boosting productivity.
Venezuela’s president, Nicolas Maduro, has recently announced plans to restructure and reorient the National Superintendency of Crypto Assets. The move came after the Venezuelan president wanted to take actionable steps to ensure the safety of the country’s citizens from all the negative impacts of the economic sanctions imposed by the United States on Venezuela in 2014 for its alleged history of human rights violations, corruption, and the erosion of its democratic institutions.
Under the reorganization, a new board will head the department that will schedule upcoming steps for the crypto department, Sunacrip, in Spanish. The board will be led by Anabel Pereira Fernandez, a lawyer who has served as president of the Fondo de Garantia de Depositos y Proteccion Bancarai (FOGADE). The FOGADE is the Venezuelan equivalent of the United States Federal Deposit Insurance Corp. Other project directors include Hector Andres Obregon Perez, Julio Cesar, Luis Alberto Perez Gonzalez, and Mora Sanchez.
According to the decree issued on March 17th, the board is set to plan its next steps for the crypto department. However, the order has yet to provide further information about the elements included in the reorganization.
It should be noted that the crypto overhaul will not include Joselit Ramirez, who had previously headed the department since its establishment. Joselit Ramirez was arrested on March 17 based on corruption charges, as per Venezuela’s local media sources. According to reports, Joselit Ramirez had been responsible for overseeing the crypto tax rules and the country’s cryptocurrency, Petro.
Interestingly, Ramirez is added to the Most Wanted List in June 2020, while the U.S. government had offered $15 million for the apprehension of the country’s president, Maduro. Ramirez’s reward was low among the other conspirators. El Aissami and other high-ranking officials were subjected to a $10 million bounty.
In conclusion, this move shows that Venezuela’s government is keen on developing its cryptocurrency sector further. Nevertheless, it remains to be seen how the reorganization will impact the crypto sector and whether it could help the country to overcome its economic issues.