Techspace - President of Venezuela Nicolas Maduro announced to removal of the top authority on cryptocurrency policies in Venezuela, Joselit Ramirez. Ramirez is presently being sought by US authorities for his alleged involvement in a smuggling scheme orchestrated by high-ranking Venezuelan government officials. For intelligence that could result in his arrest, the US government is offering $5 million. As a result of President Nicolas Maduro's order restructuring SUNACRIP, Anabel Pereira Fernandez has been appointed.
According to Yahoo Finance it significantly affects a portion of the institution’s management staff, as it calls for a comprehensive restructuring of the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).
The president didn't give an official statement and the government too. But the biggest rumor say is his alleged involvement in acts of corruption. The Venezuelan media outlet Últimas Noticias, Following the filing of a request for legal action against "a number of citizens who may be involved in serious acts of administrative corruption and fund embezzlement," Ramrez was detained by the National Anticorruption Police.
Venezuelan authorities are still investigating a corruption scheme that was used to divert $3 billion from oil sales in Venezuela so that it wouldn't show up in the country's formal accounts.
Joselit Ramirez and SUNACRIP
Joselit Ramirez is the Superintendent of Cryptocurrencies and Related Activities in Venezuela, also known as SUNACRIP. SUNACRIP is the Venezuelan regulatory body responsible for overseeing and regulating all cryptocurrency-related activities in the country.
Ramirez was appointed as the head of SUNACRIP in June 2018 by the Venezuelan President, Nicolas Maduro. Prior to his appointment, Ramirez served as a lawyer and had extensive experience in the field of financial regulation.
Under Ramirez's leadership, SUNACRIP has played a significant role in Venezuela's efforts to adopt cryptocurrency as a means of payment and to circumvent international sanctions. In 2018, the Venezuelan government launched its own cryptocurrency called the Petro, which is backed by the country's oil reserves. SUNACRIP was tasked with overseeing the issuance and circulation of the Petro and ensuring compliance with relevant regulations.
Ramirez has been a vocal advocate of cryptocurrency adoption in Venezuela, arguing that it can help to address the country's economic crisis and protect its citizens from inflation. He has also emphasized the importance of regulation to prevent fraud and other illegal activities in the cryptocurrency space.
However, SUNACRIP and Ramirez have also faced criticism from some quarters, with some accusing the Venezuelan government of using cryptocurrency to evade sanctions and suppress dissent. There have also been concerns about the lack of transparency and accountability in the issuance and management of the Petro.
More about SUNACRIP
SUNACRIP stands for Superintendencia Nacional de Criptoactivos y Actividades Conexas, which is the National Superintendency of Cryptoassets and Related Activities in Venezuela. It is a government agency responsible for regulating and overseeing all activities related to cryptoassets, including the trading, exchange, and mining of cryptocurrencies in the country.
SUNACRIP was created in 2018 by the Venezuelan government as part of its efforts to promote the use of cryptocurrencies and blockchain technology in the country. Its main role is to ensure the legality and transparency of crypto-related activities, protect the rights of investors and users, and prevent illegal activities such as money laundering and terrorism financing.
The agency is authorized to issue licenses and permits to crypto-related businesses, monitor their activities, and enforce compliance with the regulations. It also has the power to impose sanctions and penalties on those who violate the rules, including fines and the revocation of licenses.
SUNACRIP plays a crucial role in the development of the cryptocurrency industry in Venezuela, as it provides a legal framework for the operation of crypto-related businesses and promotes the adoption of blockchain technology in various sectors of the economy.
I just burned a million to tell you they're printing trillions. pic.twitter.com/pX5622rjUO— Balaji (@balajis) May 2, 2023
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