Cryptocurrency Remittances In Venezuela Are No More Free
Venezuela’s Superintendency of Crypto Assets and Related Activities (Sunacrip) passed a new decree to regulate cryptocurrency remittances between individuals within the country, Bitcoin.com reports.
The document includes requirements for sending and receiving payments and also sets a fee of a maximum 15% from the amount of a transaction. The minimal charge is $0.28. The fee must be paid by the sender, and then it will go directly to the agency.
Also, the regulators are now entitled to set limits on transfers. As noted in the decree, the amount of money sent cannot exceed 10 national Petro tokens, or $600, per month. If users want to transfer more funds, they need to receive a special permission from Sunacrip, which will allow sending up to 50 Petro, that is no more than $3000.
Besides, the agency will tie cryptocurrency prices to the bolivar and can request the transaction participants data.
At the same time, the Venezuelan authorities introduced registration for persons willing to provide cryptocurrency services. They can be both physical and legal persons, as well as private, communal or governmental organizations.
Due to the bolivar hyperinflation, crypto transfers have been almost the only way for Venezuelans to receive funds from abroad without obstacles. The Dash tokens gained great popularity, with their offline wallet allowing to send transactions through ordinary SMS.
Several international companies started accepting the Dash tokens for payment, for example, a restaurant chain Papa John’s Pizza and Church’s Chicken fast food franchise.
Previously, Venezuelans bought bitcoins for 17 billion bolivars.