FameEX Hot Topics | Venezuela Revamps Its National Cryptocurrency Department

On March 17, Venezuelan President Nicolás Maduro announced a reorganization of the National Superintendency of Crypto Assets, known as Sunacrip in Spanish. A new board will lead the reorganization, which is intended to protect the country's citizens from the negative effects of economic sanctions, among other reasons.The board will be led by Anabel Pereira Fernández, a lawyer who previously served as president of the Fondo de Garantía de Depositos y Protección Bancaria (FOGADE), the Venezuelan version of the United States Federal Deposit Insurance Corp. (FDIC). Other directors include Héctor Andrés Obregón Pérez, Luis Alberto Pérez González, and Julio César Mora Sánchez.

The decree announcing the reorganization did not provide any further details or specific reasons for the change, but the board is expected to plan the next steps for the crypto department. The move comes as Venezuela has been hit hard by economic sanctions from the United States and other countries, which have led to hyperinflation and a shortage of basic necessities.Venezuela has been exploring the use of cryptocurrencies as a way to bypass economic sanctions and stabilize its economy. The country launched its own cryptocurrency, the Petro, in 2018, but it has been met with skepticism and controversy. The Petro is backed by the country's oil reserves, but critics say it has been used to circumvent sanctions and prop up the Maduro regime.

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

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