Venezuela reshuffles Crypto management amid corruption claims 

Venezuela reshuffles Crypto management amid corruption claims 

Countries worldwide tend to take proactive steps to protect themselves from any unforeseen crypto-related crisis. The Venezuelan government has taken some strict measures against the top cryptocurrency policy maker in Venezuela, Joselit Ramirez. 

Joselit Ramirez was the top crypto authority in Venezuela and was responsible for many regulations that framed crypto legislation in the country. There’s no official report regarding the actual reason for his removal made public by the Venezuelan government. According to the sources, the possible reason for his removal is corruption. 

After the collapse of three major banks in the United States, the government worldwide is not ready to take any possible risk associated with digital asset management. On 17 March, the Venezuelan government published a gazette and informed about the removal. Additionally, in the same gazette, they have informed that the removal of Joselit Ramirez will affect the National Superintendency of Crypto Assets and Related Activities (SUNACRIP). The SUNACRIP is a Venezuelan crypto watchdog that overlooks crypto-related services. 

Venezuelan president Nicolas Maduro himself issued an order of removal for Joselit Ramirez. According to reports, Ramirez has diverted $3 billion from Venezuelan oil sales. Joselit Ramirez has taken several crypto-related measures to improve the ecosystem and provide a smooth experience. 

The country is already facing harsh sanctions from the Financial Action Task Force (FATF) for money laundering issues. Joselit Ramirez took crypto asset management as his first priority and made the ecosystem of the country more crypto-friendly. 

According to the media reports Ramirez was arrested by authorities on 17 March, the information is not confirmed yet about his custody. Venezuelan president Nicolas Maduro appointed a new chief of the SUNACRIP, Anabel Pereira. Under the leadership of Anabel Pereira, previously worked as president of the Fondo de Garantía de Depositos y Protección Bancaria. 

President Maduro’s decision to remove Joselito Ramirez after corruption can be looked at as a measure taken under the pressure of the United States to revoke the existing sanctions from the country. Some people praised this decision to restructure the existing crypto management of the country as a commendable step to ensure the security of stakeholders. 

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