«The systems that are going to be created are multi-currency, baskets of currencies. And let's not talk about the world of cryptocurrencies. We started that path and we have to take it up again.» This is what Nicolás Maduro Moros said during a meeting with representatives of the Venezuelan banking sector, indicating that The cryptocurrency industry is back on the political agenda. Maduro admitted that the cause of the hiatus in Venezuela's cryptocurrency policy was that «a group of bandits and thieves destroyed the path of crypto,» alluding to the PDVSA-crypto plot, probably the largest case of government corruption with cryptocurrencies in their history. This case, which led to the alleged disappearance of 21 billion dollars, brought with it a new dark era for the Venezuelan ecosystem. Since March 2023, exchanges were paralyzed and the mining industry was forced back into hiding, or to suspend operations, with the losses that this implies. All this due to the lack of legal clarity brought by the announcement of the restructuring of the Superintendency of Cryptoassets of Venezuela (Sunacrip), a process that was promised for a period of six months, but which, to this day, keeps the highest authority of cryptoassets in the country headless and the industry players in uncertainty. In his speech before the representatives of the Bank, Maduro did not elaborate on what “getting back on the path of crypto” means. Nor did it establish whether there is a planned date for the restructuring of Sunacrip or whether the country's miners can return to normal operations.
Maduro says that they are going to recover the economy with a «multi-currency» system and that they are going to resume cryptocurrencies. The faces of those present feeling like idiots are a poem: pic.twitter.com/NISY3FZi77— Emmanuel Rincón (@EmmaRincon) August 30, 2024
Maduro also did not specify whether the use of the Petro (PTR) will be resumed.an alleged cryptocurrency created by the country's government in 2020 but whose implementation has been so erratic that it has even had to be confirmed through a Gazette that it still exists. Maduro's mention of cryptocurrencies comes a few days after Congresswoman María Elvira Salazar announced the presentation of the Law for the Promotion of Freedoms, Opportunities and Rights in Venezuela (VALOR) in the United States Congress, as reported by BitcoinDynamic. This bill, scheduled for September, reaffirms the financial sanctions against the Central Bank of Venezuela (BCV), Petróleos de Venezuela, SA, (PDVSA) and against the Petro.