Venezuela, South American Leader in Cryptoassets Legislation.

This must have taken more than one of us by surprise.

When we mention the name of Venezuela, the mental images that we can create, do not contemplate any relationship with cryptoassets. If we talk about cryptography in the South American continent, the countries that jump first are: Argentina, Colombia and Chile.

However, none of these nations has legislation or any solid initiative on the part of the National Administrations in regulation matters.

Argentina

Considered as the Bitcoin capital of South America, it recently became part of the Blockchain Research Institute (BRI). All the necessary research is being supported in terms of Blockchain and cryptoassets, but the Central Bank of the Argentine Republic said in a statement that: "it is limited for the time being to carry out a monitoring of the evolution of cryptoasset in general and of their associated technologies to better understand their risks and opportunities".

Chile

It´s one of the countries with the highest levels of adoption. However, there is no regulation. The government has not expressed a clear position, noting only that: "it must study and better understand the ecosystem" and has also raised a debate on the issue in which several sectors participate.
Meanwhile, the Superintendency of Banks and Financial Institutions has maintained a restrictive position, by supporting the closure of the bank accounts of several exchange houses.

Colombia

The Central Bank of the Republic of Colombia determined in 2014 that cryptocurrencies are not "an asset that has equivalence to the legal currency, the peso, in Colombia because it has not been recognized as a currency in the country".
But as we can know in an article published in the web portal "lanotavirtual" in this Nation was presented the Bill 268 of 2019, which seeks to promote entrepreneurship and investment in the industry of the exchange of cryptoassets.

ph venezuela cintillo 001.jpg

Venezuela takes the Vanguard

The Venezuelan Government officially created a government agency whose function is to regulate and supervise all activities inherent to and derived from the development of the "Integrated Cryptoassets System".

The SUNACRIP (National Superintendence of Cryptoassets and Related Activities) is an autonomous body created with the purpose of developing activities that promote inclusion, promotion and financial innovation, universality, protection to users, preservation of financial stability, prevention of illicit operations, technological security and simplification of procedures.

Apparently everything was taken into account, since this organization has a complete organizational structure. It is conformed in 4 Intendancies:

Intendancy of Digital Mining and Associated Processes: Responsible for regulating, controlling and supervising the digital mining activity in Venezuela.
Intendancy of Promotion and Development of Cryptoassets and Related Activities: Responsible is to promote the adoption, use, training, research and dissemination of the technologies of distributed records and related technologies.
Intendancy of Crypto-Financial Services: Responsible for regulating, controlling, planning, coordinating and developing all financial transactions for the exchange of available capital in crypto-assets, through distributed networks.
Inspection Intendancy: Responsible for ensuring compliance with the Regulatory Framework established by the SUNACRIP

In 2018, the Venezuelan Administration issued a cryptocurrency called PETRO.
This would be a stablecoin backed by Venezuelan oil. Something that does not make much sense if we analyze the behavior of oil prices and their volatility depending on the political conditions of the countries of the world. A war affects the price as well as an OPEC resolution, for example.

The truth is that this initiative also took other legislative actions to give a legal framework to all operations carried out in the national territory based on cryptoassets. Thus, a complete normative was obtained.

To support the commercialization of PETRO, a governmental application was developed that allows the exchange of this cryptocurrency in different modalities: Crypto-Fiat, Fiat-Crypto and Crypto-Crypto. In this way, with the use of PETROAPP the exchange of Petros with Bitcoins, Litecoins and Dash is allowed.

Even the web portal "petroshopvenezuela" was created, dedicated to the purchase and sale of products, articles, goods and services, with payment in Petros.

ph venezuela cintillo 001.jpg

Conclusion

I believe that any legislative initiative taken by nations in the area of cryptoassets represents, in its base, a positive aspect.

This indicates that mass adoption is favored and it seeks to give protection to citizens. With the Intendancy of Promotion, educational campaigns should be developed that allow the community to master the terminology and become familiar with the financial transactions that involve crypts.

But with entities such as the Intendency of Crypto-Financial Services, what is intended is the control and regulation of exchanges and exchange houses that intend to establish operations in the country. These companies must obtain a license from the Venezuelan State to operate within the national territory and entering the Integral Registry of Services in Cryptoassets (RISEC).

We hope that these apparently well-organized actions will crystallize the words into solid and positive events. Although with the corruption scandals carried out by the National Administration, unfortunately, the most probable thing is that all this will unleash excessive regulation and encourage the enrichment of a minority to the detriment of the rest of the population.

@juanmolina

Become a Patron!

ETH: 0x79a9b5d24F29bE5189675Aea537E2C461dDeBB84

Project Hope Venezuela is an initiative created to grow.

You See more about it at:

@coach.piotr -PROJECT #HOPE - day one

Our previous posts:

Hello @juanmolina,

Please do not send promotional memos to @hobo.media anymore. I do not mind you sending memos but the @hobo.media account is very soon going to be a decentralized community account owned and managed by the community. The community will need the memo area to be used exclusively for its operational purposes. Thank you.

You are welcome to send memos to @blake.letras, which is a personal Steem account unrelated to the HoboDAO program.

You are welcome to send transactions to @hobo.media if it relates to HoboDAO operations. For example, the HoboDAO has a referral program set up that rewards both people referring people to delegate to @hobo.media and the new delegator. So, you can benefit from encouraging others to delegate to @hobo.media with both your delegating friends and you earning 1000 Hobo tokens each.

Thank you for your time. :)

Sort:

Trending

[-]

hobo.media (63) 5 years ago

$0.24

3 votes

juanmolina (69) 5 years ago

Thank you very much for that kind note, appreciated @hobo.media.

I understand your approach and I will be very pleased to follow your instructions.
I hope I have not caused major discomfort.

Thank you.

$0.44

2 votes

crypto.piotr (64) 5 years ago

Hi @hobo.media

Thanks for letting us all know about it. I will also send memos to @blake.letras if you're okey with it.

ps. I received your emails but recently I hardly even have time to reply on steemit. Just overwhelmed with amount of responsibilities that fell on my shoulders lately. I'm sorry that it's taking me so much time to reply.

Yours
Piotr

1 vote

Thank you for understanding. :)

No problem, please feel free to send memos to @blake.letras.

I understand that you are busy, no worries. I understand the challenges you have to deal with in helping your wife relocate as well. I spent years living in China and the residency paperwork can be exhausting. :)

Thank you for your understanding Blake :)

$0.22

hashzone91 (62) 5 years ago

Economically bitcoin started to hold round about 75% worlds trading system.

Posted using Partiko Android

$0.04

fucho80 (69) 5 years ago

Hello my dear @juanmolina, thank you for sharing this interesting article.

We hope that these apparently well-organized actions crystallize the words in solid and positive events. Although with the corruption scandals carried out by the National Administration, unfortunately, most likely all this will trigger excessive regulation and encourage the enrichment of a minority to the detriment of the rest of the population.

With the national administration we really have more doubts than certainties, so many control and manipulation are against the government. The most interesting of all this is crypto is increasingly calling the attention of people and governments, that is, is moving forward.

$0.03

jadams2k18 (66) 5 years ago

Hello, my friend!

I hope not being too late.

Last news I recently heard: Venezuela breaks another trading record with cryptocurrencies

Thanks for sharing

$0.02

guruvaj (65) 5 years ago

Let us give credit to these countries that in any way, spearheaded development of cryptos to the masses. Though the task have just started, no sure winner at this time. Other countries will follow as well, when regulation in their country have been ironed out.

Posted using Partiko iOS

The initiative is totally positive. But I think we should have done more field study, previous tests.

Thanks for comment dear @guruvaj.

$0.23

steemitboard (66) 5 years ago

Congratulations @juanmolina! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 1500 replies. Your next target is to reach 1750 replies.

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

You can upvote this notification to help all Steem users. Learn how here!

$0.00