Venezuela Considers Establishing a Cryptocurrency Central Bank

Venezuela’s National Constituent Assembly is reportedly in the process of drafting constitutional amendments that aim to establish a central bank for cryptocurrencies.

According to a report by Reuters, these amendments not only propose the formation of a cryptocurrency central bank but also outline the creation of a distinct court that would operate above the current Supreme Court.

Specific details remain undisclosed; however, the draft is expected to be presented to the board of the Constituent Assembly in 35 days.

This new institution is intended to handle “functions in exchange, monetary and financial policy,” as noted by Hermann Escarrá, a prominent figure involved in this initiative.