US Puts $5 Million Bounty on Venezuela’s Crypto Superintendent

The US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) New York has added Joselit de la Trinidad Ramirez Camacho, Venezuela’s crypto head, to its most wanted person’s list.

According to a Monday’s announcement by the ICE, Ramirez Camacho is “accused of having deep political, social, and economic ties to multiple alleged narcotics kingpins, including Tareck EI Aissami.”

The US authorities put charges on him for violations of the International Emergency Economic Powers Act, the Kingpin Act, and a number of other sanctions. He was indicted in March alongside the country’s president Nicolas Maduro.

Ramirez Camacho is currently Venezuela’s superintendent of cryptocurrency, meaning he is heading Petro, the country’s oil-backed digital currency.

The agencies also put $5 million in bounty for any information leading to the arrest or conviction of Ramirez Camacho.

Going towards crypto to revive a sinking economy

Venezuela launched its cryptocurrency backed by its oil and mineral reserves in 2018 as the country was facing harsh sanctions by the United States and seeing a plummeting Bolivar.

The controversial government of the country even forced its citizens on many occasions to use the digital currency.

Recently, the country announced that petrol stations across the country will sell fuel at a reduced price in Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for Perto from the customers.

However, Petro was not taken wholeheartedly by the global crypto community.

The Venezuelan government is also looking towards the mainstream digital currencies to revive its sinking economy and last year it initiated testing whether or not it can hold cryptocurrencies in its national reserves.