Skip to main content

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

Venezuelan Crypto Watchdog Sunacrip Extends Restructuring Period; Community Asks for Clarity

The Venezuelan government has officially announced the extension of the restructuring period for Sunacrip — the national cryptocurrency watchdog — by six months more due to the link of its former head with a corruption scheme. Asonacrip, a national crypto association, is asking Sunacrip to open communication channels with the community affected by its actions.

Venezuelan Government Extends Sunacrip Intervention by Six Months

The Venezuelan government has announced the extension of the restructuring of Sunacrip, the cryptocurrency watchdog of the country, by six months more. The executive order, which extended the intervention, also ratified each member of the restructuring board in their charges. Sunacrip will now have until next March to complete its restructuring processes.

Sunacrip was intervened in March due to the arrest of its former head, Joselit Ramirez, who was arrested due to alleged links with a corruption scheme where the institution would have served as an intermediary to process crude oil payments to avoid sanctions. Reports estimated that damages caused to the Venezuelan treasury could reach up to $20 billion, in a case that has been called the “Pdvsa-Crypto” scheme.

Due to this intervention, Bitcoin miners have also been disconnected from the power grid by Corpoelec, the state-owned electricity company, and national exchanges have reportedly paused their operations. However, there has been no official announcement coming from Sunacrip’s restructuring board on any planned upcoming measures, leaving the crypto community in regulatory limbo.

Asonacrip Asks for Communication and Clarity

Asonacrip, a national nonprofit cryptocurrency organization, is asking for more clarity and communication from Sunacrip regarding the legal situation of cryptocurrency mining and other activities in Venezuela. In a statement issued on September 25, the organization states that Sunacrip’s silence “puts in jeopardy thousands of jobs, the international credibility of Venezuela, and the compliance of the rules that the country pioneered in the region.”

Asonacrip called Sunacrip to establish communication channels to allow registered, legal Bitcoin miners to continue operating, given that they are not linked to illegal activities.

Humberto Quevedo, president of Asonacrip, explained that Sunacrip had requested Bitcoin miners last month to register again and submit the documents required by law to operate a Bitcoin mining operation. Nonetheless, the institution has not allowed miners to restart operations yet.

According to reports, some miners are considering relocating their operations to more cryptocurrency-friendly countries, like Paraguay and El Salvador.

What do you think about Sunacrip’s restructuring period extension and its possible consequences? Tell us in the comments section below.



from Bitcoin News https://ift.tt/PW4eMY0
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA
Post a Comment
Read more

Richard Teng Takes Charge as Binance CEO Following Changpeng Zhao’s Exit

After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.” Richard Teng Assumes Binance’s Top Role, Succeeding CZ This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion. Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO. Teng brings an extensive history in the financ...
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more