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Venezuela Government Starts Regulating Cryptocurrency Remittance

Venezuela is one of the countries that have been worst hit by inflation as a result of poor governance and other related problems. In a bid to resolve these problems, the government introduced a cryptocurrency, Petro that allows Venezuelans to enjoy the benefits of the ballooning cryptocurrency industry.

Cryptocurrency Remittance Regulation in Venezuela

Reports indicate that that the government of Venezuela has begun regulating cryptocurrency remittance in a bid to control the industry in the country. At the time of writing, the regulator has put in place a monthly limit. It will also start collecting commissions of up to 15% of the every transaction amount.

The regulator has also released detailed registry of cryptocurrency service providers in the country. The regulator, National Superitendency of Crypto Assets and Related Activities, announced to the public that cryptocurrency remittances will start been collected on Friday last week. This new regulation was also published in the country’s official Gazette No. 41.581.

The decree provides comprehensive information about the procedures and requirements that must be met to send and receive remittance in cryptocurrency assets to persons in the country. Quick arithmetic shows that the minimum commission, which as mentioned earlier is 15% of the transaction amount, is equivalent to 0.25 Euros per transaction.

The new regulations gives Sunacrip the powers and ability to set cryptocurrency remittance limits, values of various cryptocurrencies in sovereign bolivars, request additional information from the receivers and issuers involved in the crypto transactions, as well as specific tariffs are reported by Criptonoticias, a local news outlet.

Reports indicate that currently, the monthly limit for sending cryptocurrency remittances in Venezuela is equivalent to 10 Petros (PTR). The government has repeatedly stated that Petro cryptocurrency is backed by not only oil but also other natural resources found in the country such as diamond and gold. This limit is equivalent to 600 USD per month and any amount that exceeds this limit will require getting an approval from Sunacrip.

Most people have taken to social media to air their concerns about these new cryptocurrency regulations in the country. The actual impact of the regulations are yet to be felt but soon we will see an impact and report it here. Check out other trending cryptocurrency news here.

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