Supreme Tribunal in Venezuela States Sunacrip Has Strategic Role, Voids Earlier Sentence

The Supreme Tribunal of Justice of Venezuela has stated in a recent sentence that the tasks developed by Sunacrip, the national cryptocurrency and bitcoin mining watchdog, have a strategic significance for the country. The sentence also voids certain resolutions taken in a case where another court rolled back the seizure of more than 1,000 bitcoin miners.

Sunacrip Role Supported by National Courts in Venezuela

A sentence issued by the highest tribunal in Venezuela recognized as strategic the role that the national cryptocurrency watchdog, Sunacrip, fulfills as the organization that controls mining operations. The sentence, which voids some resolutions taken in a prior sentence where another tribunal ordered Sunacrip to return more than 1,000 miners seized in November to its owners, also declares that bitcoin miners have to comply with certain conditions to develop these activities on Venezuelan soil.

According to the Venezuelan cryptocurrency-linked attorney Criptolawyer, who analyzed the sentence and shared her impressions about it on social media:

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 crypto assets system) and therefore those who intend to dedicate themselves to digital mining in Venezuela must comply with registration at RISEC and RIM.

The RISEC, translated as the Comprehensive Registry of Cryptoactive Services, is defined in a providence issued by Sunacrip as having the objective to “digitally systematize the information of the users who use the (cryptocurrency) system.” The RIM, translated as the Comprehensive Mining Registry, is integrated by all the miners conducting mining activities legally on Venezuelan soil.

Mistakes Were Made

The new sentence, that corrects the earlier sentence on the seizure of the aforementioned bitcoin miners, seeks to correct a series of mistakes that, in the view of the judge, the first tribunal made. On the earlier sentence and its treatment of the situation, the sentence considered that:

It seriously compromised the public interest and transcended the interest of the parties involved, since the possibility of threatening the stability of the nation is evident.

The earlier sentence opened the door for companies and individuals to fight seizure and other Sunacrip-related cases in tribunals, a situation that the recent sentence is considered 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 to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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