A greeting to all active users of Leofinance, a few minutes ago I saw that it is celebrating the 25th anniversary of the company Google, so all those who are using this search engine or browser, say Happy Birthday Google.
That said, I want to start today's topic, and as you can see in the thumbnail of my article and in the title, in Venezuela the period for the full activation of the (Sunacrip) has been extended.
Points that I will discuss in this article:
📌 How Sunacrip was created
📌 Changes in the Venezuelan PETRO
📌 Reason for the permanent closure of Sunacrip
📌 Consequences
The Venezuelan government's decision to extend the reorganization period of the National Superintendence of Cryptoassets (Sunacrip) until March 2024 reflects the challenges and changes in the cryptocurrency landscape in Venezuela, also if you have read my previous articles you will surely remember that in these last weeks they had seized more than 800 Cryptocurrency mining equipment, well here in Venezuela this whole Crypto issue is giving some complications.
But for you to better understand all this, I will give you a short explanation of why Sunacrip was closed, but let's start from where all this started.
How Sunacrip was created.
It is important to note that in 2018 when I was around 16 years old, Venezuela stood out as one of the first countries in Latin America to establish a specific supervisory body for cryptocurrencies, I say this for those who do not understand what Sunacrip is about, because this was the name that was placed to this supervisory body for cryptos.
This was basically done to boost or promote the value of the Venezuelan digital currency called PETRO, because by that time it was being a relevant issue here in Venezuela and that is why the Sunacrip was created, for those who do not know the PETRO had its value anchored to the price of a barrel of oil, that is, if in Venezuela the value of each barrel of oil was $100, the digital asset called PETRO would have the same value of $100.
Changes in the Venezuelan PETRO.
But this did not remain so for long, as it is no secret that the value of oil in Venezuela has dropped drastically in recent years, so they were forced to add more backing to the PETRO.
It was there where it was announced that the value of the PETRO would be anchored to the value of Venezuela's most valuable mineral resources, thus dividing the value of such digital currency into 50% for oil, 20% for gold, 20% for iron and 10% for diamonds, thus conforming the value of the PETRO.
However, since then, the cryptocurrency landscape has undergone significant changes in Venezuela and worldwide. The cryptoeconomy is highly dynamic and can be difficult to regulate and monitor effectively, and we all know that.
In addition, Binance has recently excluded the Central Bank of Venezuela as a P2P exchange option, although this is another topic, I mention it here to give you an idea of what is going on between Venezuela and Crypto.
Reason for the permanent closure of the Sunacrip
But surely you want to find out how it was that after the government had created an entity for the control of Cryptoassets in Venezuela, it was the same government who ended up closing it, well, this happened in March 2023 according to my research, and this was due to a corruption scandal in which I will not go into much detail, but you can see a full article here.
This marked a turning point in the fledgling Venezuelan crypto industry. The involvement of high-ranking officials, where they were accused of money laundering after it became known that they had stolen more than three billion dollars.
Consequences
Sunacrip played a crucial role in the integration of cryptocurrencies in the Venezuelan economy, and its closure had a significant impact and much of this was what led to the closure of cryptocurrency mining facilities in several states and ordered the suspension of operations of some exchanges, which is why at the moment any mining farm here in Venezuela that is currently operating is considered illegal because the entity that regulates all this, is closed until further notice after it was released what I explained above.
The extension of the reorganization period of Sunacrip until March 2024 is the main topic of this article, and that has led me to think that possibly the Venezuelan government is considering new ideas to improve the adoption of Cryptocurrencies in my country, and that would be great, this is my opinion because I do not see another logical reason why they are prolonging the reestablishment of Sunacrip.
Time will tell what specific changes are being planned during this reorganization period and how they will affect the use of cryptocurrencies in my country.
I think we can only wait to hear more news on this topic, maybe good things are being prepared in the Cryptographic field in Venezuela, or maybe there will not be good news, but for now I end this article here and I wish you all a happy day.
I do not leave without inviting you to leave a comment to start a possible debate on this topic, and if you are a user from Venezuela it would be interesting to know your opinion in the comments.
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The images used in this article are generated with Leonardo AI (See my complete gallery).
English is not my native language so I have used Hive Translator.