Venezuela continues to reach new heights in terms of weekly volume. Meanwhile, the country’s government has issued new regulations that impose fees on remittance.
2,545 BTC: New Weekly bitcoin Trading Record
According to data from Coin Dance, Venezuelans traded via Localbitcoins (the P2P platform) for the week ending February 9, 2018. This figure surpasses the 2,004 recorded in the previous week.
Last week’s volume amounts to the highest ever recorded in the country. In terms of VES, the country’s beleaguered fiat currency, 24 billion VES worth of changed hands during the period, an increase of 41 percent from the week ending February 2, 2019.
With the continued political, social, economic turmoil in the Latin American state, citizens on and other for survival. The in the political scene is sure to exacerbate further the already dire issues surrounding forex shortage and hyperinflation.
15 Percent Fee on bitcoin Remittance
With volume soaring, state officials are getting into the action, introducing exorbitant fees on remittance payments in the country.
According to the notice published on the Official Gazette 41581 on February 7, 2019, the National Superintendence of Cryptoactives and Related Activities of Venezuela (SUNACRIP) now oversees -based remittance in the country.
|| PUBLICADA en Gaceta Oficial Nro 41581, Providencia mediante la cual se establecen los requisitos y trámites para el envío y recepción de remesas en Criptoactivos a personas naturales en el territorio de la República Bolivariana de Venezuela.
— Superintendencia Nacional de Criptoactivos (@SunacripVe)
SUNACRIP now has the power to set limits on payments. An excerpt of the decree published by local crypto media Criptonoticias, reads as :
The ruling defines commissions that range from 0.25 euros ($0.28) as the minimum rate per transaction, to 15% of the funds transferred in [sic]. In addition, it limits the sending of remittances to a monthly amount equivalent to 10 Petros (PTR), a [sic] created by the Venezuelan Government.
The notice also establishes an upper limit for the payments pegged at $3,000.
The reaction from many commentators on the matter has been unanimously negative. Imposing fees on remittance is counterproductive to the essence of international payments via which is the removal of exorbitant fees charged by mainstream services.
According to the World Bank, the global average remittance fees between 5.2 percent and 9.4 percent. The SUNACRIP fee structure effectively renders crypto remittance more expensive than fiat.
This new directive comes on the heels of an earlier law that seeks to what the state considers unauthorized use.
What’s your take on the remittance fees being imposed on and other transactions by the Venezuelan state? Let us know your thoughts in the comments below.
Images courtesy of coin.dance and Twitter (@SunacripVe), Shutterstock
Published at Tue, 12 Feb 2019 05:09:25 +0000
