LAW OF THE INTEGRAL SYSTEM OF CRYPTOASSETS SAFEGUARDS CRYPTO OPERATIONS

09/10/2019

Caracas, September 10 (Sunacrip Press).- The Constituent Decree on the Integral System of Cryptoassets is the first law in the world that establishes the operation and State policies regarding cryptoassets.

"Venezuela is the first country in the world assuming the use of a cryptocurrency as a State and collects and organizes the policy on cryptoassets," said the Superintendent of Sunacrip Joselit Ramírez on Monday, during the broadcast of the radio program "Venezuela Crypto", by Radio Nacional de Venezuela (RNV).

Ramírez also explained that the regulatory framework of the Constituent Decree, published in Gazette N. 41,575, on January 30, 2019, includes the cryptoassets policy and provides legal security for its operations, in addition to safeguard crypto operations.

"There is no law in the world similar to the Constituent Decree of the Integral System of Cryptoassets, which includes the institutionality of Sunacrip and the National Cryptoassets Treasury," he explained.

The head of the National Superintendence of Cryptoacssets and Related Activities specified that this regulatory framework protects the State's policy regarding crypto-financial services, digital mining and control, which are ran by the management of Sunacrip.

During the broadcast of Venezuela Crypto, Ramírez commented that efforts are focused on raising platforms for the technological use of Petro, protected by the legal framework.

Petro Ahorro, PetroApp, Petro Pago, Patria Remesas and now Petro Calculator are platforms created by Sunacrip and they are all operative and at the service of the population in order to promote the use of Sovereign Cryptoassets.

"They are technological platforms at the service of the people, as a part of the comprehensive protection policies of President Nicolás Maduro, to protect income and guarantee well-being to the population," added Ramírez.

For his part, Simón Arrechider pointed out that the Petro gives all Venezuelans the possibility to use their resources without intermediaries, making transactions directly through blockchain technology.

We have to continue promoting education and culture in the population for the acquisition of these new processes in the new concept of digital economy, which is now implemented in Venezuela, through the Petro and other cryptocurrencies," concluded Ramírez.