In Venezuela, entered into force earlier approved by the Constitutional Assembly decree No. 41.575 on the Integral system of scriptaction, which determines the legal regulation of kryptonyte in the country. In an officially published in the newspaper Gaceta Oficial document in six sections, including 63 articles set forth the definition of the main cryptocriminals and the rules concerning the purchase, sale, use, distribution, and exchange scriptactive and related products, including registration of cryptomery, monitoring their activities and penalties for violating the new standards.

Hoy fue PUBLICADA en Gaceta Oficial Número 41.575 Constituyente el Decreto que regirá el funcionamiento del Sistema Integral de Criptoactivos de Venezuela. #PetroMilagroEconómico #SUNACRIP

— Joselit Ramírez (@JoselitRamirez) January 31, 2019

So, according to the decree, miners and cryptocurrency exchanges are required to undergo licensing, which has several types, depending on trading volume, types of scriptactive and other criteria. For violation of this requirement of the company and individuals can be fined 100-300 sovereign scriptaction, and those who have accessed, intercepted, interfered or used technology related to the integrated system scriptaction without permission, can get 1-3 years in prison and a fine of 50-100 sovereign scriptactive with the withdrawal of the equipment for use for public purposes.

Inspections in cryptosphere assigned to created in the past year, the Office for supervision in the sphere of cryptocurrency and related fields of activity (Sunacrip). This body will establish public rates, applicable to the system of registration, will have a “very broad powers” and control “the creation, issue, transfer, commercial sales and exchanges” of all scriptaction in Venezuela.

We will remind that in the beginning of the year the representatives of the Indian cryptocurrency exchanges Instashift noted high “enthusiastic and active” users from Venezuela: according to them, in comparison with other countries Venezuelans “the more you look at long-term returns from bitcoin”.

Since October of last year created in February of El Petro is used when making international payments and became available to everyone directly through the website and 6 authorised by the government cryptomeria. The Venezuelan government has launched a savings plan in Petro (PTR), which allows citizens to invest in national cryptocurrency, allegedly provided by oil, and save them with a certificate. In addition, the Venezuelans can obtain or renew a passport only for El Petro.