14.08.2018
971

Venezuela Can Create Central Bank for Crypto

Venezuelan National Constituent Assembly memder, Hermann Escarra, revealed that the assembly is preparing to reform the country’s Constitution. The reform implies a creation of central bank for cryptocurrencies.  In an interview with Reuters on Thursday he divulged:

"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."

Reuters described Escarra as “one of the most influential members of the assembly that prepares the changes to the 1999 constitution. 

Reiterating that the central bank for crypto will be incorporated, he noticed “There will be the central bank with its functions in exchange, monetary and financial policy.” He also emphasized that, as part of the reform, “a court will be created that will be above the supreme court.”

Escarra further said:

"The reform is expected to include the petro, a cryptocurrency announced by the government of President Nicolás Maduro in February as a way to increase its foreign exchange earnings, in the midst of the economic crisis and the sanctions imposed by the United States."

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