Venezuela To Restructure Its Crypto Department

Nicolas Maduro, Venezuela’s president, has decided to restructure and reorient the National Superintendency of Crypto Assets. The decree was issued in March of this year.

The reorganization of the crypto asset department will be headed by the new board, led by Anabel Pereira Fernandez, a lawyer who has served as president of the Fondo de Garantia de Depositos y Proteccion Bancarai (FOGADE).

FOGADE is the Venezuelan equivalent of the United States Federal Deposit Insurance Corp. Other project directors were 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 schedule upcoming steps for the crypto department.

This move comes 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.

The decree mentioned that the board would plan its next steps for the crypto department, Sunacrip, in Spanish. The order has yet to provide further information about the elements included in the reorganization.

The Crypto Overhaul Leaves Out Joselit Ramirez

The crypto overhaul shall 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.

Joselit Ramirez was added to the Most Wanted List in June 2020. The Homeland Security Investigations division of the United States Immigration and Customs Enforcement agency had offered a reward of close to $5 million in exchange for information leading to Ramirez’s capture.

Authorities claimed Ramirez had political, social, and economic ties to a supposed drug racket. Ramirez and former Venezuelan vice president Tareck El Aissami were also connected to the alleged drug lord.

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.