Crypto in Venezuela gets an overhaul after several years with a new head and a complete restructuring of the crypto department
Venezuela saw a welcome step taken for the crypto space recently as the crypto department in the country was completely changed with new heads. Crypto in Venezuela is expected to get a positive boost from the move, with the government showing interest in the crypto department named ‘National Superintendency of Crypto Assets.’ The latest development was announced by the President of Venezuela, Nicolás Maduro, in a decree on March 17.
A new board was constituted for the reorganization exercise, with the lawyer Anabel Pereira Fernández leading it. Fernández has also been the president of the Fondo de Garantía de Depósitos y Protección Bancaria, which is an equivalent organization of the United States Federal Deposit Insurance Corp in Venezuela. The other board members include Luis Alberto Pérez González, Julio César Mora Sánchez, and Héctor Andrés Obregón Pérez.
The newly reorganized crypto department will aim to navigate from economic sanctions, which was specifically mentioned in the decree. Other crypto-related activities of the department were not mentioned in detail, but the board will likely devise the upcoming strategy of the department soon. Earlier, the department was headed by Joselit Ramirez since 2018. Reportedly, Ramirez was arrested on corruption charges later.
Ramirez was also overseeing the Venezuelan digital currency Petro but was unfortunately accused later of having links with illegal drug criminals and was also featured on the United States’ most wanted list. After the incident, Venezuela’s crypto department was in urgent need of changes and a newly formed board. The latest move is expected to help crypto in Venezuela gradually.