As the country recovers from the devastations of Covid-19, the crypto industry led by Bitcoin and stablecoins is expected to play a crucial role in improving the economic status of Venezuelan residents.
The President of the Bolivarian Republic of Venezuela, Nicolás Maduro, ordered the restructuring of the National Superintendence of Cryptoactives and Related Activities (SUNACRIP). By decree number 4,788, dated March 17, President Maduro appointed a restructuring board for SUNACRIP chaired by Anabel Pereira Fernández, who replaces Joselit Ramírez.
Notably, Maduro has appointed Pavel Javier García Sandoval, Ramón Daniel Maniglia Darwich, Carlos Eloy Pirela Méndez, Larry Daniel Davoe Márquez, and Edgardo Alfonzo Toro Carreño as alternate directors of SUNACRIP to replace three principal conductors: Héctor Andrés Obregón Pérez, Luis Alberto Pérez González and Julio Cesar Mora Sanchez.
Although there has been no official communication of the restructuring process, it is believed that Ramírez was expelled on corruption charges. As such, the economically struggling country has designated fresh blood to run its cryptocurrency agenda. Also, with high inflation of over 110 percent, digital assets are seen as a vital hedge market against the inflationary fiat system.
mature president declared that “it is the duty of the State to take all the measures at its disposal to protect the Venezuelan people from the negative effects of the multiform aggression that is taking place against the country and, especially, against its economy.”
Perspectives on Venezuela and the crypto market
Venezuela has vast oil and mineral deposits that have corrupted the country’s leaders, law enforcement, and the justice system. As the country recovers from the devastation caused by Covid-19, the cryptocurrency industry, led by Bitcoin and stablecoins, is expected to play a crucial role in improving the economic situation of Venezuelan residents.
In an attempt to circumvent sanctions from international markets, including the United States, Venezuela has made a pact with the Colombian government to allow the free flow of economic activities. However, the country anticipates that a new government will be elected next year and will help lift existing sanctions.
Reportedly, approximately 20 percent of the country’s population has interacted with Bitcoin or Web3 products in recent years. Even more so for the fact that hyperinflation has put most Venezuelans on humanitarian aid.
According to a recent report, the United States has pledged more than $171 million in humanitarian and development assistance to help Venezuelans affected by the economic crisis. In particular, more than 7 million people have fled the country in recent years due to the dire financial situation.
“This new funding will help provide food, medical care, emergency shelter, and access to protective and legal services,” US Ambassador to the United Nations Linda Thomas-Greenfield said virtually at the conference in Brussels.
In particular, the recent aid is expected to be split between Venezuelans living in the country and those from Colombia and Ecuador.
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