In a significant development, Venezuela has chosen to extend the reorganization and shutdown timeline for its cryptocurrency regulatory body, the National Superintendency of Crypto Assets (Sunacrip), up until March 24, 2024. This decision comes in the wake of Sunacrip's abrupt cessation of operations in March 2023, which followed a devastating corruption scandal implicating its former top executives.
During this tumultuous period, at least ten individuals were arrested, among them Joselit Ramirez Camacho, who had led the crypto department at Sunacrip since its establishment in 2018. Ramirez Camacho faced accusations of embezzling over $3 million from the state while overseeing crypto regulation and the implementation of Venezuela's national cryptocurrency, Petro.
The fallout from Sunacrip's closure sent shockwaves through Venezuela's crypto industry, which had established close ties with the government and leveraged digital assets to navigate around U.S. financial sanctions. Several
cryptocurrency mining facilities across the country were shuttered, and certain crypto exchanges were compelled to suspend their operations.
Sunacrip was initially established by the Venezuelan government in 2018 with the mandate to oversee all cryptocurrency-related activities within the nation. Its purview encompassed the development, issuance, transfer, marketing, and exchange of digital assets.
While reports have circulated suggesting the government's intent to liquidate the Petro, the official website for the oil-backed cryptocurrency remains operational as of the present moment.
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