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Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity Skip to main content

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national crypto association, is asking Sunacrip to open communication channels with the community affected by its actions.

Venezuelan Government Extends Sunacrip Intervention by Six Months

The Venezuelan government has announced the extension of the restructuring of Sunacrip, the cryptocurrency watchdog of the country, by six months more. The executive order, which extended the intervention, also ratified each member of the restructuring board in their charges. Sunacrip will now have until next March to complete its restructuring processes.

Sunacrip was intervened in March due to the arrest of its former head, Joselit Ramirez, who was arrested due to alleged links with a corruption scheme where the institution would have served as an intermediary to process crude oil payments to avoid sanctions. Reports estimated that damages caused to the Venezuelan treasury could reach up to $20 billion, in a case that has been called the “Pdvsa-Crypto” scheme.

Due to this intervention, Bitcoin miners have also been disconnected from the power grid by Corpoelec, the state-owned electricity company, and national exchanges have reportedly paused their operations. However, there has been no official announcement coming from Sunacrip’s restructuring board on any planned upcoming measures, leaving the crypto community in regulatory limbo.

Asonacrip Asks for Communication and Clarity

Asonacrip, a national nonprofit cryptocurrency organization, is asking for more clarity and communication from Sunacrip regarding the legal situation of cryptocurrency mining and other activities in Venezuela. In a statement issued on September 25, the organization states that Sunacrip’s silence “puts in jeopardy thousands of jobs, the international credibility of Venezuela, and the compliance of the rules that the country pioneered in the region.”

Asonacrip called Sunacrip to establish communication channels to allow registered, legal Bitcoin miners to continue operating, given that they are not linked to illegal activities.

Humberto Quevedo, president of Asonacrip, explained that Sunacrip had requested Bitcoin miners last month to register again and submit the documents required by law to operate a Bitcoin mining operation. Nonetheless, the institution has not allowed miners to restart operations yet.

According to reports, some miners are considering relocating their operations to more cryptocurrency-friendly countries, like Paraguay and El Salvador.

What do you think about Sunacrip’s restructuring period extension and its possible consequences? Tell us in the comments section below.

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