Value of the Petro as a Unit of Account
In ruling No. 380 dated June 30, 2023, the Civil Cassation Chamber of the Supreme Court of Justice, under the report of Magistrate Henry José Timaure Tapia, determined that the value of the Petro as a unit of account could be affected by the restructuring of the National Superintendency of Crypto Assets and Related Activities (SUNACRIP).
As a response, the Chamber decided to replace the value of the Petro as a unit of account with the official exchange rate of the highest value currency established by the Central Bank of Venezuela. This measure was taken to compensate for the potential loss of value during the restructuring of the Superintendency, in accordance with Article 14 of the reform of the Organic Law of the Supreme Court of Justice, published in Official Gazette of the Bolivarian Republic of Venezuela No. 6,684 Extraordinary dated January 19, 2022, which establishes: "Article 14. The Tax Unit is replaced as a reference value for determining jurisdiction and fines provided for in Articles 26, 86, 121, 122, and 123, being replaced by the official exchange rate of the highest value currency, established by the Central Bank of Venezuela.
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