Venezuelan Government Extends Sunacrip Intervention by Six Months
The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip, the national cryptocurrency watchdog, by an additional six months. The executive order, which ratifies each member of the restructuring board in their positions, grants Sunacrip until March of next year to complete its restructuring processes. This decision comes after the intervention of Sunacrip earlier this year due to the arrest of its former head, Joselit Ramirez, who was implicated in a corruption scheme involving crude oil payments. The estimated damages to the Venezuelan treasury from this scheme could amount to $20 billion.
Asonacrip Asks for Communication and Clarity
Asonacrip, a national nonprofit cryptocurrency organization, is urging Sunacrip to provide more clarity and communication regarding the legal situation of cryptocurrency mining and other activities in Venezuela. In a recent statement, Asonacrip expressed concern that Sunacrip’s silence jeopardizes jobs, international credibility, and compliance with pioneering regulations in the country. The organization is calling for open communication channels to allow registered and legal Bitcoin miners to continue their operations without interruption. Despite Sunacrip’s request for miners to re-register and submit required documents last month, they have not yet been permitted to resume operations. As a result, some miners are considering relocating to more crypto-friendly countries like Paraguay and El Salvador.
Hot Take: Venezuelan Crypto Industry Faces Uncertainty Amidst Sunacrip Intervention
The extension of Sunacrip’s intervention by six months raises concerns about the future of Venezuela’s crypto industry. With Bitcoin miners disconnected from the power grid and exchanges pausing operations, the lack of official announcements from Sunacrip’s restructuring board leaves the crypto community in regulatory limbo. Asonacrip’s call for communication and clarity reflects the anxieties of those affected by Sunacrip’s actions. As the industry navigates these challenges, some miners may opt to relocate their operations to more favorable jurisdictions. The outcome of Sunacrip’s restructuring and its impact on the crypto sector will shape the future of cryptocurrency in Venezuela.
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