Venezuela’s Supreme Court Rules Sunacrip Has Strategic Role, Overturns Earlier Conviction CryptoBlog


Venezuela’s Supreme Court of Justice recently declared that the tasks developed by Sunacrip, the national cryptocurrency and bitcoin mining watchdog, are of strategic importance for the country. The conviction also overturns certain resolutions made in a case where another court overturned the seizure of more than 1,000 bitcoin miners.

Sunacrip’s Role Backed by National Courts in Venezuela

A phrasing issued by Venezuela’s highest court recognized as strategic the role that the national cryptocurrency watchdog, Sunacrip, plays as an organization that controls mining operations. The sentencing, which overturns certain resolutions made in a previous sentencing where another court ordered Sunacrip to return more than 1,000 miners seized in November to their owners, also states that bitcoin miners must meet certain conditions to develop these activities on the market. Venezuelan soil.

According to Venezuelan cryptocurrency-linked lawyer Criptolawyer, who analyzed the sentence and share his impressions on this subject on social networks:

The Political-Administrative Chamber warns (in case we doubted it) that the activities carried out by Sunacrip are of a national strategic nature (supervision, authorization, inspection of the system of cryptographic assets) and therefore those who intend to dedicate themselves to digital mining in Venezuela must comply with registration with RISEC and RIM.

RISEC, translated as the complete register of crypto-asset services, is defined in a providence issued by Sunacrip as having the objective of “digitally systematizing the information of users who use the (cryptocurrency) system”. The RIM, translated as the Complete Mining Registry, is integrated by all miners legally carrying out mining activities on Venezuelan soil.

Mistakes have been made

The new sentence, which corrects the previous sentence on the seizure of the aforementioned bitcoin miners, aims to correct a series of errors that, in the opinion of the judge, the first court made. On the previous sentence and its treatment of the situation, the sentence considered that:

It has seriously compromised the public interest and transcended the interest of the parties concerned, since the possibility of threatening the stability of the nation is obvious.

The earlier sentencing opened the door for companies and individuals to fight the seizure and other Sunacrip-related cases in court, a situation the recent sentencing is believed to have now rectified.

What do you think of the new sentence supporting the role of Sunacrip and its activities as strategic for Venezuela? Tell us in the comments section below.'

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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