In a decree released on March 17, Venezuela’s President Nicolás Maduro ordered the restructuring of the National Superintendency of Crypto Assets.
Anabel Fernández, a lawyer who formerly acted as president of the Fondo de Garanta de Depositos y Protección Bancaria, the Venezuelan equivalent of the United States Federal Deposit Insurance Corp, will head a new board that will oversee the restructuring.
According to the decree, the board will plan the subsequent steps for the crypto department, also known as Sunacrip in Spanish. Still, it doesn’t provide any other information or explicit reasons for the reorganization.
The government of Maduro says the action is being taken, among other things, to shield the people of the nation from the damaging consequences of economic sanctions.
Joselit Ramirez, who has overseen until now the department since its formation in 2018, is absent from the new board composition. According to Venezuela’s local media, Ramirez was reportedly detained on March 17 on suspicion of corruption. Ramirez supervised the nation’s Petro cryptocurrency as well as crypto tax regulations.