Venezuela to Present Central Crypto Bank Bill

August 14, 2018

A member of the Venezuelan National Constituent Assembly Hermann Escarra has voiced issues on cryptocurrencies to be discussed by the committee.

“The National Constituent Assembly of Venezuela…is preparing a reform to the Constitution that would include a central bank for crypto-assets and a superior court to the Supreme Court of Justice.”

“There will be the central bank with its functions in exchange, monetary and financial policy.”

As he said, the new Constitution draft will be presented in 35 days.

In May 2017 the country’s president issued a decree for the Assembly members to prepare new Constitution which would be making amendments to the 1999 Constitution adopted by the ex-president Hugo Chávez. But “the assembly was controversial from the start, with opposition activists denouncing it as unconstitutional while its supporters argued it would bring peace to the polarised South American nation”.

The reform is supposed to give Petro to the country which is a cryptocurrency backed by oil resources of Venezuela aimed at increasing income from foreign currencies amid economic crisis and sanctions imposed by the US.

Petro however is mistrusted and arouses huge doubts. For instance, what effect this cryptocurrency may produce given lack of confidence in governmental measures and national currency regulation.

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