Posted 7 months ago | by Ben Armstrong

Venezuela Officially Legalizes Cryptocurrency Mining – Petro Still Laughable Token

All crypto mining activities are now officially regulated by Venezuela's National Superintendency of Crypto Assets and Related Activities, or SUNACRIP. Miners must comply with strict criteria in order to qualify – which may or may not happen in the poorly run South Ameirican nation.

According to Gaceta Oficial, the chief of the SUNACRIP, Joselit Ramirez has signed an official announcement. The release indicated that Bitcoin ( BTC) mining as well as other cryptocurrencies enthusiasts in Venezuela should apply for their license and be part of the so-called "global pool."

The legal structure simply asks Venezuelans about their preferred crypto mining activities, which could be trading, importing, or using mining equipment Also, the government would grant a special license to manufacturers of ASIC mining equipment or mining farms.

A Hilarious Move by a Broken Nation

Regarding the so-called "national pool,” SUNACRIP described it as:

"A group of pooled miners agreeing to share block earnings in proportion to the contributed mining hash power. They share a similar operation to cooperatives, and it would be in charge of the National Superintendency of Crypto Assets and Related Activities (SUNACRIP)."

Following the decree, the SUNACRIP "may" give profit, incentive and even "tax exemptions to encourage miners to join the national pool." Venezuelan crypto miners will be exposed to any Comprehensive Crypto Assets System's sanctions if they decide not to join the national pool.

A Non-Starter from the Same People that Brought You the Petro

There is no clarity in the new policy when it comes to the regulatory legal power of freezing crypto mined within the national pool, as well as the type of restrictions are levied on people who are mining off a public pool.

Crypto miners should be able to request a license to the Crypto Assets Comprehensive Services Registry, or RISEC, a SUNACRIP-powered system.

Amid hyperinflation, mass migration, widespread famine, and the biggest financial crisis ever, Venezuelans have turned to Bitcoin in search of financial freedom.

The country is the typical proof of Bitcoin-friendly nation and mass adoption. That explains the highly active crypto mining population in Venezuela. However, this kind of activity falls outside the government’s control and obviously, does not receive absolute support from the regulators.

The Venezuelan Government is a Joke

A recent announcement revealed that Venezuelan Minister of Habitat and Housing, Ildemaro Villarroel expressed an objective attitude towards crypto mining operations, saying these operations shouldn't be permitted in any state-owned housing or communities in the "Gran Misión Vivienda" project (Great Home Mission).

The nation also tried to introduce a CBDC, called the Petro – which has been universally derided and shunned by everyone outside of Venezuela. This latest move is in-line with the insanity that currently is running Venezuela – and it will likely be a massive failure.

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