The Blockchain technology has accelerated its pace that can best be seen by the recent scenario where a member of the Venezuelan National Constituent Assembly unveils that the assembly wants to improve the country’s constitution that contains a central bank, especially for cryptocurrencies. This has made a compulsion for the Venezuelan Government to create a relationship with the new bolivar currency to the petro. In an interview with Reuters in Caracas just last week, Venezuela’s National Constituent Assembly’s member, Hermann Escarra disclosed the assembly’s plan for cryptocurrencies by stating his comments as follows: “The National Constituent Assembly of Venezuela…is preparing a reform to the Constitution that would include a central bank for crypto-assets and a superior court to the Supreme Court of Justice.”

Further, he spoke with regards to the crypto-based central bank,  “There will be the central bank with its functions in exchange, monetary and financial policy.” And there will be a Court above the Supreme Court to streamline the reforms needed.

Needless to say that Escarra is one of the most influential members of the assembly that organizes the changes to the 1999 Constitution and expected it to be presented in 35 days to the board of the Constituent Assembly. Since the Constituent Assembly elections were held on 30th July, the matter may be plunged by the opposition activists that condemn it openly as unconstitutional one. However, those who support the matter may escalate their voice in favor of Escarra’s concept to neutralize South American nation as stated by the BBC.

Based on the further comments given by Escarra, “The reform is expected to include the petro, a cryptocurrency announced by the government of President Nicolás Maduro in February as a way to increase its foreign exchange earnings, in the midst of the economic crisis and the sanctions imposed by the United States.”

Just the beginning of this year, the government of Venezuela organized a digital currency the Petro that has been claimed to be as a cryptocurrency supported by the country ‘s oil reserves.

Needless to that the country’s cryptocurrency “Petro” flaunted with the controversy of raising more money without a valid proof in place. Additionally, Petro suffers from its credibility as the government of Maduro has no confidence in it as it has expected to mismanage with the country’s existing national currency as detailed by Reuters.

Just a two months ago, the Government of Maduro disregarded  Carlos Vargas, who was the country’s Superintendent of Cryptocurrencies that was in charge of promoting and selling the Petro. He was then replaced by Joselit Ramirez. Needless to that that Carlos was not able to sell the cryptocurrency.

Let’s not forget that if you want your business or country to be flourished, it comes with ethical practices only!!