According to the latest news, Venezuela is looking to launch a central bank which will be exclusively for cryptocurrencies. The country’s National Constituent Assembly is right now planning to reform the Venezuelan Constitution to include it – with a court above its Supreme Court.
As Reuters reported, the information on the development was provided by Hermann Escarra, which is described as “one of the most influential members of the assembly which plans on preparing the changes to the 1999 Constitution.”
The draft is set to be presented in 35 days from now to the board of the Constituent Assembly. As Reuters announced, most of that will change is still not known as the high-ranking government officials only addressed the move. However, as Escarra revealed, the central bank for cryptos is on its way.
Escarra was quoted stating:
“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”
The changes will include the Petro, which is a controversial oil-backed cryptocurrency that Venezuela launched earlier this year – as well as an “e-court of constitutional guarantees” which will be positioned above Venezuela’s Supreme Court.
The changes to the Constitution will also see Venezuelan companies to have greater access to investments outside of the country – especially the ones in the oil sector.
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