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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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1 Comment

  1. ¡¡¡POR FAVOR LEE!!!
    No caiga en manos de estafadores, todo en nombre de invertir en criptomonedas.

    Perdí la mitad de mis ahorros con un Sr. Jerry del Reino Unido. Prometió ayudarme a obtener ganancias todas las semanas, así que comencé a invertir con él y al final no obtuve ninguna ganancia.

    Gracias a Dios encontré a la Sra. Evelyn Sánchez, Evelyn Sánchez es una dama española que vive en los EE. UU., Ella me ayudó a obtener una buena y razonable cantidad de ganancias con las criptomonedas, incluso mientras escribo ahora sigo haciendo negocios con ella sin ningún miedo. de perder mi dinero porque siempre me explica las cosas de una manera que yo entiendo, lo interesante es que le gustan las opciones de CI y el comercio de divisas.

    * ¡Deje de dar el dinero que tanto le costó ganar a los estafadores!

    Ponte en contacto con la Sra. Evelyn Sánchez hoy, ella te dará toda la información que necesitas saber sobre las criptomonedas y al mismo tiempo, puede ayudarte a obtener ganancias que cambien tu vida poco a poco. correo electrónico: evelynsanchez3054 @ gmail. com o WhatsApp ella al +1 (202) 519-6834

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