President Maduro Hopes Cryptocurrencies Can Restore Domestic Economy

The Venezuelan government hopes that cryptocurrencies can restore the economy. (Photo; Doc. Bitcoinist)

JAKARTA - Venezuelan President Nicolwas Maduro has ordered the restructuring of the National Superintensidence of Crypto Assets and Related Activities (SUNACRIP). In Decree Number 4,788 dated March 17, Maduro appointed the restructuring Council of SUNACRIP led by Anabel Pereira Fernmendez, who replaced Joselit Rampriz.

According to a CoinSpeaker report, Maduro also appointed five alternative directors, namely Pavel Javier Garc

With high inflation above 110 percent, digital assets are seen as vital hedging of the inflationary fiat system. Unofficially, Ramtengurez is allegedly expelled for corruption charges. By replacing the old leader with a new figure, Venezuela hopes to increase its crypto agenda.

Venezuela has abundant reserves of oil and minerals, but this condition has even increased the number of corruption. The crypto market, led by Bitcoin and stablecoin, is expected to play an important role in restoring the economic conditions of Venezuelans.

As countries seek to recover from the Covid-19 pandemic, the crypto industry is expected to help revive the economic status of Venezuelans. About 20 percent of the country's population has interacted with Bitcoin or Web3 products in recent years.

The United States has pledged to provide humanitarian assistance and development worth more than $171 million to improve the condition of Venezuelans affected by the economic crisis. More than 7 million people have fled the country in recent years due to difficult financial situations.

The new aid is expected to be divided among Venezuelans living in the country itself, as well as those living in Colombia and Ecuador. At a conference in Brussels, United Nations Ambassador Linda Thomas-Greenfield said that "the new fund will help provide food, health care, emergency protection, and access to legal services and protection."

Maduro stated that "the task of the State is to take all available measures to protect the Venezuelan people from the negative effects of multiform aggression that have occurred against the country and, especially, against its economy." SUNACRIP restructuring is expected to be one solution to protect Venezuelans from the negative effects of the economic crisis.