Venezuela’s president, Nicolas Maduro, has announced plans to restructure and reorient the National Superintendency of Crypto Assets to ensure the safety of the country’s citizens from the negative impacts of economic sanctions imposed by the United States.

The move comes after the arrest of Joselit Ramirez, who had previously headed the department since its establishment, on corruption charges.

The new board, led by Anabel Pereira Fernandez, a lawyer who has served as president of the Venezuelan equivalent of the United States Federal Deposit Insurance Corp, FOGADE, will be responsible for scheduling upcoming steps for the crypto department. Other project directors include Hector Andres Obregon Perez, Julio Cesar, Luis Alberto Perez Gonzalez, and Mora Sanchez.

The decree issued on March 17th has yet to provide further information about the elements included in the reorganization. However, the crypto overhaul shall not include Joselit Ramirez.

According to reports, Joselit Ramirez had been responsible for overseeing the crypto tax rules and the country’s cryptocurrency, Petro. He had been added to the Most Wanted List in June 2020, with the United States Immigration and Customs Enforcement agency offering a reward of close to $5 million for information leading to his capture.

Authorities claimed Ramirez had political, social, and economic ties to a supposed drug racket, with Ramirez and former Venezuelan vice president Tareck El Aissami also connected to the alleged drug lord.