As the country recovers from the devastation of Covid-19, the crypto industry led by bitcoin and stablecoins is expected to play a significant role in lifting the economic status of Venezuelan residents.
Nicolás Maduro, the President of the Bolivarian Republic of Venezuela, has ordered the reorganization of the National Superintendence of Crypto Assets and Related Activities (SUNACRIP). Through Decree No. 4,788, dated March 17, President Maduro appointed Suncrip’s Restructuring Board, chaired by Anabel Pereira Fernández, who replaces Joselit Ramírez.
Specifically, Maduro has appointed Pavel Javier García Sandoval, Ramon Daniel Maniglia Darvich, Carlos Eloy Pirela Mendez, Larry Daniel Davo Marquez, and Edgardo Alfonso Toro Carreno as alternate directors of SUNACRIP to replace the three principal conductors: Hector Andres Obregón Pérez, Luis Alberto Pérez Gonzalez and Julio César Mora Sánchez.
While there has been no official communication of the reorganization process, it is believed that Ramirez was ousted on corruption charges. As such, the financially troubled country has hired new people to drive its crypto agenda. Furthermore, with high inflation of over 110 percent, the digital asset is seen as an important hedge market against the inflationary fiat system.
President Maduro announced 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 polytheistic aggression being carried out against the country and especially against its economy.”
Venezuela and the Crypto Market Outlook
Venezuela has vast oil and mineral deposits that have corrupted the country’s politicians, law enforcement and justice system. As the country recovers from the devastation of Covid-19, the cryptocurrency industry is leading the way Bitcoin And the stable coins are expected to play an important role in lifting the economic status of the residents of Venezuela.
To overcome sanctions from international markets, including the United States, Venezuela has entered into an agreement with the Colombian government to allow the free flow of economic activity. Nonetheless, the country hopes that a new government will be elected next year and that the current restrictions will be lifted.
Reportedly, around 20 percent of the country’s population has interacted with bitcoin or Web3 products in the past few years. Even more so due to 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 aid and development to boost Venezuelans affected by the economic crisis. In particular, the dire financial situation has caused more than 7 million people to flee the country in recent years.
“This new funding will help provide food, health care, emergency shelter and access to legal and security services,” US Ambassador to the UN Linda Thomas-Greenfield told the conference in Brussels.
Specifically, the recent aid is expected to be split between Venezuelans living in the country and those living in Colombia and Ecuador.
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