Venezuela government gained traction in the cryptocurrency world when they introduced a national cryptocurrency, Petro. Since then, the financial regulator in the country has been coming up with policies and frameworks to promote adoption and mitigate the risks. One of the new services introduced by the government is crypto remittance service.
Crypto Remittance Service in Venezuela
Recently, the government launched a cryptocurrency remittance service to make it even more convenient for people in the country to use cryptocurrencies. The new service was launched by the current Superitendency of Crypto assets and related activities. The Superitendency is the current head and regulator of all cryptocurrency activities that are done in the country.
The new crypto remittance service was launched through Patria platform last week and the government categorically stated that the digital currencies that can be used to send remittances are litecoin and bitcoin. As soon as a transaction is confirmed or verified, the funds sent by the recipient will be made available on the platform and converted into Bolivars.
Venezuela TV also reported that the new system will make it possible for users in the country to receive a maximum number of cryptocurrencies every month. At the time of writing, the limit is digital currencies that are whose value is equivalent to the current market value of 10 Petros.
Ever since its introduction into the market, Petro coin’s value has been steadily increasing as evident from the statistics. President Maduro has repeatedly stated that the cryptocurrency value is backed by diamond, gold, oil and other natural resources that are of great value to not only Venezuelans but also millions of people from other parts of the world.
Previously, one Petro was worth 3,600 sovereign bolivars, but President Maduro increased the value to 9,000 bolivars in December. As if that was not enough to change the tide, the president increased the value from 9,000 to 36,000 bolivars in January.
Inflation has been a major challenge in the country and most experts (including me) thought that Petro could resolve the problem. However, the sporadic increase in value of Petro through the directive from the president could soon make it useless to Venezuelans.
How to Use Patria Portal
As mentioned earlier, the cryptocurrency remittance service will be rendered through Patria portal. Now, for one to use this portal and be considered a viable recipient of cryptocurrency remittance, he or she must register, be a resident of Bolivarian Republic of Venezuela, and be of legal age.
That said, people who are outside the country but wish to do business in the country or send money into the country can do so through the portal. The senders will be required to provide a valid email address that will then be used to send a unique code for log in purposes. Simply put, the code is a one-time password, which means regular users will need to get a new code every time they use the portal. Get more cryptocurrency news here.