Thursday, November 30, 2023

The Venezuelan authorities have formally declared a six-month extension to the restructuring period for Sunacrip, the country’s primary regulatory body overseeing cryptocurrencies. This extension also confirmed the continuation of the current members of the restructuring board in their respective roles. With this announcement, Sunacrip has until next March to finalize its organizational restructuring.

This action follows the March intervention in Sunacrip, triggered by the apprehension of its erstwhile chief, Joselit Ramirez, on charges of involvement in a corruption racket. The alleged misconduct revolves around Sunacrip serving as an intermediary in processing crude oil transactions, effectively evading sanctions. It has been dubbed the “Pdvsa-Crypto” scandal, with estimates suggesting the Venezuelan treasury incurred damages upward of $20 billion.

Subsequent to the intervention, Corpoelec, the state-owned power company, has severed electricity supply to Bitcoin mining operations. In addition, domestic cryptocurrency exchanges have reportedly ceased activities. Nevertheless, Sunacrip’s restructuring board has not yet issued an official statement on any forthcoming regulatory adjustments, thus creating a climate of uncertainty within the crypto community.

Asonacrip Advocates for Increased Transparency and Communication

Asonacrip, a Venezuelan nonprofit organization focused on cryptocurrencies, has issued a call for Sunacrip to provide clearer communication concerning the legal framework for cryptocurrency activities within the nation. On September 25, Asonacrip released a statement indicating that the ongoing lack of information from Sunacrip places numerous jobs at risk, tarnishes Venezuela’s international reputation, and undermines the pioneering regulations that Venezuela had instituted in the region.

The organization has urged Sunacrip to initiate dialogue that would allow legally registered Bitcoin miners to resume operations, contingent on their compliance with regulations and non-involvement in unlawful activities.

Humberto Quevedo, Asonacrip’s president, elaborated that Sunacrip had instructed Bitcoin miners to re-register and submit all necessary legal documentation for Bitcoin mining operations in the previous month. However, the green light to recommence mining activities has not yet been given.

In light of the current uncertainty, there are reports indicating that some miners are contemplating relocating their enterprises to countries with more favorable cryptocurrency regulations, such as Paraguay and El Salvador.

What are your thoughts on the protraction of Sunacrip’s restructuring phase and its potential ramifications? We invite you to share your views in the comments section below.

Frequently Asked Questions (FAQs) about Sunacrip restructuring

What is the main reason for extending Sunacrip’s restructuring period?

The main reason for extending Sunacrip’s restructuring period by six months is the alleged involvement of its former head, Joselit Ramirez, in a corruption scheme. This scheme is said to have facilitated crude oil payments in an attempt to circumvent sanctions.

Who is asking for more clarity and communication from Sunacrip?

Asonacrip, a national nonprofit organization focused on cryptocurrencies in Venezuela, is calling for increased communication and clarity from Sunacrip. They aim to understand the legal situation concerning cryptocurrency mining and other activities.

What have been the immediate consequences of Sunacrip’s intervention in March?

Following Sunacrip’s intervention in March, Corpoelec, the state-owned electricity company, disconnected Bitcoin miners from the power grid. Additionally, domestic cryptocurrency exchanges have reportedly halted their operations.

What is the “Pdvsa-Crypto” scandal?

The “Pdvsa-Crypto” scandal refers to the alleged corruption scheme in which Sunacrip is accused of serving as an intermediary for processing crude oil payments to evade sanctions. Damages to the Venezuelan treasury from this scheme are estimated to be up to $20 billion.

What actions has Asonacrip proposed for Sunacrip to take?

Asonacrip has urged Sunacrip to initiate channels of communication that would allow legally registered Bitcoin miners to continue their operations, provided they are not involved in any unlawful activities.

Are miners considering other options due to the current regulatory climate?

Yes, reports suggest that some miners are contemplating relocating their operations to countries with more favorable cryptocurrency regulations, such as Paraguay and El Salvador.

Until when has Sunacrip been given to complete its restructuring?

Sunacrip has been given until next March to complete its restructuring processes, following a six-month extension by the Venezuelan government.

More about Sunacrip restructuring

  • Venezuelan Government’s Official Announcement on Sunacrip Extension
  • Asonacrip’s Official Statement Calling for Transparency
  • Corpoelec’s Statement on Disconnecting Bitcoin Miners
  • Overview of the “Pdvsa-Crypto” Scandal
  • Reports on Miners Considering Relocation to Paraguay and El Salvador
  • Sunacrip’s Original March Intervention Details


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SandraCrypto September 29, 2023 - 3:15 pm

Seriously, the lack of communication from Sunacrip is frustrating. People’s livelihoods are at stake here!

VickyInvestor September 29, 2023 - 10:33 pm

Keep an eye on this. If miners start moving to Paraguay and El Salvador, that’s gonna have its own set of consequences. Mark my words.

JohnDoe September 30, 2023 - 2:50 am

i don’t get it, if Venezuela wants to be a crypto pioneer, why are they making it so hard for miners? doesn’t make sense.

Mike42 September 30, 2023 - 3:41 am

Wow, this Sunacrip thing is turning into a real mess. What’s the govt thinking extending it for 6 more months?

FinanceGuru September 30, 2023 - 9:27 am

The allegations against the former head are a big deal, but does it really require a six-month extension? Seems excessive.

CryptoNerd September 30, 2023 - 10:12 am

These kind of scandals really shake my faith in crypto, y’know? Makes you wonder who you can trust.

TonyEco September 30, 2023 - 12:14 pm

corpoelec pulling the plug on Bitcoin miners? That’s harsh. Now what?

LindaRights September 30, 2023 - 12:49 pm

Asonacrip is doing the right thing. In the dark, nobody wins except the bad guys.


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