Regulator: National Superintendency of Crypto-Assets and Related Activities (SUNACRIP)
Venezuela legalized cryptocurrencies in 2018 and created the Petro, a state-issued oil-backed token. While not a true stablecoin, the Petro was positioned as a commodity-backed asset. In practice, foreign stablecoins such as USDT are heavily used for remittances, commerce, and savings, though they lack a clear legal framework.
Applicable Laws:
Decree on the Integral System of Crypto-Assets (Creation of SUNACRIP) - https://traviesoevans.com/wp-content/uploads/2020/10/alerta-Decreto-Constituyente-sobre-el-Sistema-integral-de-Criptoactivos-ingles-Enero-30-2019.pdf
