Countries around the world are seeking regulations over crypto assets indicating their recognition as a potential asset class. Recently South American country Venezuela reported to make some required changes in its national crypto department. The changes in the committee came in the wake of an announcement by the president.
Reorganization Seeking Better Efficiency
Nicolas Maduro, president of Venezuela reportedly made an announcement of March 17 citing the restricting of National Superintendency of Crypto Assets. Former president of Fondo de Garantía de Depósitos y Protección Bancaria, similar to US FDIC, and a lawyer, Anabel Pereira Fernández, will be leading the board looking over the restructuring.
There’s not much information disclosed about the procedure or the reasons for the crypto department’s reshuffle. However, the proposed proclamation noted the board will be working towards potential direction of the department in the future.
The government states to take actions in order to provide safeguard to their citizens from potential risks posed by the crypto assets’ elimination of negative impact on the economy.
Ramirez is Not Likely to be in the Team
According to the available information, Joselit Ramirez would not be part of the board after restructuring. Since the inception of the organization, Ramirez was the crucial part and led it throughout. He oversaw the crypto tax rules and supervised the country’s native cryptocurrency Petro. However, the news about its ousting from the department still could not be cleared.
Ramirez was added to the Most Wanted List of the United States in June 2020 after the Immigration and Customs Enforcement agency’s Homeland Security Investigations branch was after him. A bounty worth 5 million USD was put against him seeking any information in helping his arrest.
Authorities accused Ramirez of having connections with various suspected people related to narcotics. He even alleged to have ties with Venezuela’s former vice president Tareck El Aissami.
World View of Crypto Regulation
Crypto regulations are picking up pace around the world, at least the regulatory bodies across the countries seem to take interest towards the same. International institutions like the International Monetary Fund (IMF) also put warnings regarding cryptocurrencies and their efficacies on the traditional financial system.
Earlier members of the global institution even went on to propose a ban on the burgeoning asset class at the G20 meetings in Bengaluru, India. While the IMF director also reportedly iterated the similar plans stating the option of crypto ban should be on the table.
Source: https://www.thecoinrepublic.com/2023/03/20/venezuela-seeks-restructuring-in-its-crypto-department/