Venezuelan Crypto Ecosystem Still in Shambles 4 Months After Sunacrip Intervention
The Venezuelan cryptocurrency ecosystem remains on shaky ground four months after the intervention of national crypto watchdog Sunacrip, and the arrest of its head, Joselit Ramirez, due to alleged participation in a $20 billion corruption scandal involving the undeclared sale of crude oil for crypto. There have been no official updates from Sunacrip’s restructuring board, but Bitcoin mining activities are still halted per local sources’ reports.
The government of Nicolas Maduro issued an executive order to intervene in the superintendence on March 17 after the arrest of its head Joselit Ramirez, who was accused of intermediating payments for $3 billion in undeclared crude sales to third parties.
The intervention of Sunacrip was followed by other measures that were not officially corroborated but were reported by local Bitcoin miners and media sources, like the operation’s pause in local exchanges.
This brought heavy losses for Bitcoin miners based in the country, with some mulling moving to more crypto-friendly nations, such as Paraguay or El Salvador.
