• Venezuela’s Superintendent of Cryptocurrency has been accused of trafficking drugs into the United States

The Venezuelan Superintendent of Cryptocurrency, Ramirez Camacho, has been indicted for laundering money and smuggling drugs into the United States, and now is on the United States Immigration and Customs Enforcement (ICE) most wanted list. Further, a bounty of USD 5 million is being offered to anyone who can provide information that will lead to the arrest of Camacho.

This continues a long series of mishaps and failures for the Petro, which is Venezuela’s official cryptocurrency. The Petro promised to create a new, efficient, and sustainable economic system in Venezuela, but the token resembled an initial coin offering (ICO) scam rather than acting as a national cryptocurrency. Ultimately, the cryptocurrency experiences inflation just as bad as the national fiat currency, since the Petro is backed by nothing. Therefore, it did nothing to improve the economy of the country, and economic conditions continue to deteriorate.

Now that the Head of Venezuela’s Petro is running from the law, it seems quite possible that the project could end up decaying even more, perhaps to the point that the token goes extinct. Further, Camacho was in charge of all of Venezuela’s crypto infrastructure, and therefore this might create a complicated situation for crypto businesses in Venezuela.

Thus, the future of cryptocurrency in Venezuela is not looking so bright, at least until the country appoints a Superintendent of Cryptocurrency who does not smuggle drugs.

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