The Venezuelan Government Introduces Limits On Crypto Remittances In The Country

The government in Venezuela has imposed new regulations for crypto remittances in the country according to a newly published decree that we are reading more about in today’s blockchain news that was published in the official media outlet Gaceta Oficial.

According to the decree, the National Superintendency of Crypto Assets And Related Activities (SUNACRIP) is the new body responsible for taxation of buying and selling cryptocurrency. The new rules will be applied for both legal entities and individuals.

The decree also states that a fee for transfer has been set to a maximum of 15 percent. The rules apply that the minimum fee will be equal to 0.25 euros in crypto or $0.28. Also, the monthly limit for crypto remittances for the oil-backed cryptocurrency Petro is at 10 Petro per month and currently 1 of the oil-backed currency is about $600. If the amount per months exceeds $600, for further transactions SUNACRIP has to give approval. The overall limit should not surpass 50 Petro or about $3,000.

However, the document doesn’t explain how the government will manage to control the services that are used to transact cryptocurrencies such as Bitcoin and it only says that there will be used a ‘’technological platform’’ in order to be available for taxation.

Earlier this month, the trading volume in Venezuela of Bitcoin reached new all-time high despite the massive hyperinflation and the volumes reached almost $7 million per week on the LocalBitcoins platform. Venezuela and Colombia together produce 85 percent of the trading volume in Latin America.
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Venezuela has introduced a legal framework for cryptocurrencies earlier this month establishing obligatory licenses for exchanges, mining companies, and fines for unlicensed activities.