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FameEX Hot Topics | Venezuela Restructures Its Department of National Cryptocurrency

2023-03-20 11:00:15

In a move to safeguard its citizens from the detrimental impacts of economic sanctions and bolster the use of cryptocurrencies, Venezuelan President Nicolás Maduro announced a reorganization of the National Superintendency of Crypto Assets, or Sunacrip in Spanish, on March 17th.The reorganization will be overseen by a new board led by Anabel Pereira Fernández, a former president of Fondo de Garantía de Depositos y Protección Bancaria, or FOGADE, Venezuela's equivalent of the United States Federal Deposit Insurance Corp. (FDIC). Other board members include Héctor Andrés Obregón Pérez, Luis Alberto Pérez González, and Julio César Mora Sánchez.

The decree outlining the reorganization did not provide specific reasons for the change. However, the new board is expected to chart a course for the crypto department. The reorganization comes as Venezuela has been severely affected by economic sanctions imposed by the United States and other countries, causing hyperinflation and shortages of basic necessities.Venezuela has been exploring the use of cryptocurrencies as a way to bypass economic sanctions and stabilize its economy. In 2018, the country launched its own cryptocurrency, the Petro, backed by its oil reserves. However, it has been met with controversy and skepticism, with critics accusing the Maduro regime of using it to circumvent sanctions and prop up the government.

Maduro's administration has been promoting the adoption of cryptocurrencies, including the Petro, as a means of payment for goods and services in Venezuela. The reorganization of the National Superintendency of Crypto Assets is the latest step in the country's efforts to promote and regulate the use of cryptocurrencies.

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