Venezuela’s President Announces the Reorganization of the Cryptocurrency Regulatory Department

The President of Venezuela has recently issued a new decree to overhaul the department of cryptocurrency regulations. Local media outlets have reported that President Nicolas Maduro issued an executive order for making amendments to the National Superintendency of digital assets.

As per this new order, the government is set to appoint a new board that will be led by Anabel Pereira Fernandez. He is the former solicitor who was assigned to head the Fondo de Garantia de Depositos Proteccion Bancaria.

In layman’s terms, it was the organization that was the Venezuelan version of the Federal Deposit Insurance Corporation or FDIC. There are also some other legislators from the region that have been assigned to work in the new crypto regulatory department.

On the other hand, the government has refrained from sharing any particular reasons for making these changes. However, the new legal precedent has informed the stakeholders that this new board is going to decide the future of cryptocurrency innovations in the region.

New Changes in the Crypto Regulatory Sector

The President of the South American nation has claimed that the government has taken these new measures to protect the interests of the users. He has told the media that these new regulations are going to act as a safeguard for the citizens against the risk associated with cryptocurrency trading.

However, the government has not included another key legislator in the country named Joselit Ramirez. He has headed the said department thus far since 2018. He was also apprehended by law enforcement agencies on charges of corruption making rounds on social media platforms.

However, he has not been convicted by the courts yet in this matter. Meanwhile, he has been added to the most wanted list in the USA since 2020. The Homeland Security of Immigration and Customs Enforcement agency has also set a reward of $5 million for informants about Ramirez.

The authorities in the US have alleged that he had ties with underworld criminals and narcotic smugglers, connecting his name with criminals like Tareck El Aissami, who was also the former vice president of the country.

It is important to mention that Ramirez has been serving as the elected official who was heading the leading the state department for crypto taxes and petro in Venezuela. However, he is among a liege of criminals that are listed as the most wanted defaulters by law enforcement agencies.

The authorities in the USA have also convicted several other illegal actors that are purported to work in tandem with Ramirez to get political coverage and shelter.

The reward set by the Homeland Security Department for Ramirez is the smallest in comparison to the other criminals that are believed to be associated with them.

The government of the USA has put a total of $15 million bounty for the capture and informants of these at-large outlaws. Meanwhile, the reward for El Aissimi, the drug overlord, is around $10 million.

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