Hello friends!

For many of us it is known the impact that cryptocurrencies are having in Venezuela, especially BTC and the volume of transactions made through the Local Bitcoin platform. This week I was positively surprised by an image on the networks of an informal seller with a sign that said CRYPTOCURRENCIES ACCEPTED.

Cryptocurrencies are obviously drawing the attention of many people in Venezuela, including the national government that some time ago decided to create its own cryptocurrency, PETRO, also creating a department that will be in charge of regulating everything that has to do with cryptocurrencies in the country SUNACRIP.

National Superintendency of Cryptoactive and Related Activities (SUNACRIP)

The sunacrip is the governing body in cryptocurrency matters created by the government to regulate all activities related to cryptocurrencies, in article 10 of the regulatory law of this institution it is mentioned as follows:

Article 10. "The National Superintendency of Cryptoactive Assets and Related Activities (SUNACRIP), as governing body in matters of cryptoactive assets and related activities, will be responsible for directing and coordinating the Comprehensive Cryptoactive System, with the main objective of regulating, promoting, coordinating and supervising articulated way with the financial economic policies designed by the State organs with competence in the matter, the adoption and use of cryptoactive and related technologies in the economic, social and productive dynamics in the Bolivarian Republic of Venezuela, depending on the political objectives of this, as well as guaranteeing the normal and efficient functioning of crypto assets. "

Comprehensive Registry of Cryptoactive Services.

In order to have greater control over the activity related to cryptocurrencies in Venezuela, the sunacrip created a registry that aims to systematize the entire issue of cryptocurrencies in Venezuela, creating an administrative order to authorize the registration.

Article 2. "The Comprehensive Registry of Cryptoactive Services (RISEC) is created, which will be in charge of the National Superintendence of Cryptoactive and Related Activities (SUNACRIP), to digitally systematize the information related to the identity and other recurring data of the user or the user of the Comprehensive Cryptoactive System and related activities. "

One of the articles of the law that regulates cryptocurrency activity in Venezuela contemplates sanctions for those who carry out any related activity without the authorization of the regulatory body.

Article 42. "Those who operate or carry out any type of activity related to the constitution, issuance, organization, operation and use of crypto-assets or sovereign crypto-assets, including mining, without the due authorization of the governing body and in breach of the other required formalities by this Constituent Decree, they will be sanctioned with a fine equivalent to 100 to 300 sovereign crypto assets. "

Application of the law.

After learning a few things about the regulations in Venezuela, on Monday, the 6th, the (GNB) Bolivarian National Guard held 315 machines for mining Bitcoin in the Bolivar state, in the south of the country, for not having the regulatory permits.

"In the PAC“Peaje Guayana”of
@GNB_BolivarD625, 315 Bitcoin machines that were transported in a 350 truck were retained, for not having the permit issued by the National Cryptoactive Superintendency. # 6Jul #FANB GNBCuidandoDelPueblo #CuarentenaRadicalPreventiva "
The Twitt of the National Guard.

Conclusions.

My point in this whole matter is: The regulations and controls that the government intends to establish, do they somehow benefit cryptocurrency activity in Venezuela or will it end up hurting us all?

I understand that every activity should have some kind of regulation, or operating rules, but I wonder: Do regulations put at risk the spirit of financial freedom that we all who love and adopt Blockchain uphold?

Let me know your opinion!