THE VENEZUELAN GOVERNMENT IS OFFERING CRYPTOCURRENCY REMITTANCE SERVICES

The Venezuelan government is offering cryptocurrency transferring services. Money transfers will be done using 2 cryptocurrencies – BTC and LTC.

This service was launched by Venezuela’s principal regulator of cryptocurrencies, Sunacrip, which previously limited the transfer amount of cryptocurrencis and introduced a commission. The new service’s launch was announced on Patria, Suncrip’s platform, which states, “Bitcoin & Litecoin will be used in money transfers.”

It’s said that after the cryptocurrency transaction is accepted, the funds will be accessible in sovereign bolivars, on the platform, also mentioning that “the system will let the users to receive cryptocurrencies equal to 10 petro for month”. Nevertheless, with Sunacrip’s special permission, users will be able to get up to 50 petro.

The government’s site reports that “to get a cryptocurrency, an individual needs to be registered on the platform, Patria, be of the legal age and live in Venezuela”. However, the sender can live outside of Venezuela. Patria also states, “The commission that the platform will calculate is going to be deducted from the transferred amount. It can reach to maximum of 15%. Commission’s minimum amount will be equal to 0.25 euros in bolivars for each transaction.”

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