The National Superintendency of Crypto Assets of Venezuela, or Sunacrip in Spanish, will be reorganized, according to an order signed by President Nicolás Maduro on March 17.
The country is taking this step in an effort to protect its residents from the damaging effects of economic sanctions, Cryptopolitan writes.
Sunarcrip Will Have A New Board Structure
The next steps for the crypto department, which will be headed by Anabel Pereira Fernández, will be planned by the new board structure.
However, Joselit Ramirez, who has been in charge of the division since its formation in 2018, will be left out.
According to Venezuela's local media, Ramirez was reportedly detained on March 17 on suspicion of corruption.
Following his arrest on corruption-related accusations and connections to drug lords, Ramirez, who supervised crypto tax regulations and the Petro, was fired from the department.
Meanwhile, his replacement, Fernández, is a lawyer who served as president of the Fondo de Garantía de Depositos y Protección Bancaria.
According to Coin Telegraph, the other directors in the board include Julio César Mora Sanchez, Luis Alberto Pérez González, and Héctor Andrés Obregón Pérez.
The decree aims to shield the nation's citizens from economic consequences but does not give any precise reasons for the restructuring.
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Here Are More Details On Ramirez's Arrest
Since June 2020, Ramirez has been listed as one of the country's most wanted criminals. The US government is offering a reward of up to $5 million for information leading to Ramirez's capture.
Ramirez is accused by US investigators of having "deep political, social, and economic ties" to alleged drug lords including Tareck El Aissami, a former vice president of Venezuela.
The U.S. government offered $15 million for the apprehension of Maduro, the president of the nation, making Ramirez's payout the lowest of the four suspected conspirators.
Given that Ramirez has been the department's head since it was established in 2018, his departure is important and is likely to have a substantial impact on the department's functioning, particularly with relation to Petro.
Ramirez oversaw the development and use of the Petro, which has drawn criticism for being a means of getting over international sanctions.
Cryptopolitan notes that Ramirez's arrest on corruption-related accusations is another addition to the long list of allegations against prominent Venezuelan government officials.
It can be remembered that El Aissami and other high-ranking officials are subject to $10 million bounties.
It is also important to note that Ramirez's inclusion in the Most Wanted List indicates the severity of the charges against him.
It is unclear how the Venezuelan government will react to his arrest or whether it would do anything to address the claims of corruption against it.
The US government has shown via its actions that it is committed to battling regional corruption and drug trafficking.
The Venezuelan administration, however, has denounced the US's measures as an effort to meddle with its sovereignty.
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