{"id":33247,"date":"2019-02-02T20:22:14","date_gmt":"2019-02-02T19:22:14","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=33247"},"modified":"2019-06-11T11:26:42","modified_gmt":"2019-06-11T09:26:42","slug":"venezuela-announces-set-of-regulations-for-cryptocurrencies-and-blockchain-tech","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/venezuela-announces-set-of-regulations-for-cryptocurrencies-and-blockchain-tech\/","title":{"rendered":"Venezuela Announces Set of Regulations for Cryptocurrencies and Blockchain Tech"},"content":{"rendered":"
Venezuela seems to be eager to become a country where the activities related to the use of cryptocurrencies and blockchain technologies are fully regulated and to that end, it announced a few hours ago the promulgation of a “CONSTITUENT DECREE ON THE INTEGRAL SYSTEM OF CRYPTOASSETS<\/a>“.<\/p>\n In accordance with this Law, virtually all activities related to cryptocurrency, including mining, custody, trading, exchange platforms, issuance, and sale of this type of digital assets, are considered part of this integral system.<\/p>\n Under the new law, a national agency (SUNACRIP) is created with regulatory powers in all matters related to crypto and digital assets. Likewise, SUNACRIP will have 4 Intendencies:<\/p>\n <\/a><\/p>\n Venezuela is among the first countries to promote the use of cryptocurrencies as legal mechanisms for economic exchange. The creation of Petro<\/a> as “Sovereign Cryptoasset” recognized as legal tender<\/a> has been widely criticized, but undoubtedly put the country in the eye of the community of crypto users in the world.<\/p>\n The Petro was created through a decree, as the tokenization of a futures contract for a barrel of Oil, however, after a series of changes, the Petro whitepaper mentions that the value of that token will be the product of a basket of several tokens multiplied by a discretionary value known as a “corrective factor”.<\/p>\n It is also important to note that, in Venezuela, several values are handled for Petro ranging from 36,000 Bolivars as the official value of a Petro when used a unit of account<\/a> for the calculation of wages, to 197,892 Bolivars as the “official value” according to the Central Bank of Venezuela<\/a> which sets a price of $ 60 per token at a rate of 3,298 Bolivars per Dollar. (For more information, chech the screenshots below)<\/p>\n\n