More

    Maduro Targets Bitcoin Remittances To Profit Off The Country's Blooming Crypto Ecosystem

    Maduro Targets Bitcoin Remittance To Profit Off The Country’s Blooming Crypto Ecosystem

    Venezuela has been in chaos recently, triggering one of the biggest humanitarian crisis in the world. A decade of economic mismanagement has left the formerly prosperous nation starving, lacking basic necessities like food and medicine. As hyperinflation skyrockets to nearly 3 million percent, people are turning to cryptocurrency to stabilize their money.

    On March 18, 2019, a redditor from Venezuela who seems to be a bitcoin enthusiast – published a post taking Coppola’s statement from Twitter. Redditor strongly claimed that ‘My whole country didn’t have electricity, all banks were down. Bitcoin was still up.’ The post was quickly explaining the blackout does affect Banks, Debit and Credit cards but doesn’t affect Bitcoin network.

    Even Pomp picked up this story and tweeted:

    https://twitter.com/APompliano/status/1107833836631740416

    However, despite this and an ongoing economic crisis, the Venezuelan government has launched a cryptocurrency remittance service. The Superintendency of Cryptoassets and Related Activities (Sunacrip), the main regulator of all crypto activities in Venezuela, announced the launch of the service on its Patria platform last week. The cryptocurrencies that can be used to send [remittances] are bitcoin and litecoin.

    The terms and conditions page of the Venezuelan government’s remittance website states that “To be a recipient of crypto remittances, the natural person must be registered with the Patria platform, be of legal age and reside in the Bolivarian Republic of Venezuela.” Senders, however, can be outside of Venezuela.

    This move clearly shows the government’s desires to profit from the growing BTC remittance market in the country. The launch of the BTC remittance platform is in a way an effort by the current president of the country to surpass the US sanctions and also to circumvent the opposition on the other hand. This platform will be regulated by Venezuela’s crypto regulator Superintendency of Cryptoassets and Related Activities (Sunacrip) and will be run by Patria.

    They ask 15 percent fees on crypto remittance transactions. A monthly cap on transactions of approx. $600 was introduced. This may be increased to 3K U.S Dollars if further authorization is allowed.

    The service can be disabled at any moment if it doesn’t meet enough funds in bolivars. It will apply a fluctuating commission which will be updated every 24 hours. These features meet a completion through another popular peer-to-peer platform- ‘LocalBitcoins.’ On this platform, users are already sending BTC and LTC coins and that too at a much lower price. The volume of Bitcoin trading in Venezuela on LocalBitcoins can be seen in the chart below. The country now records trades well over 1.8k bitcoins in a week.

    Today's BTC, BCH, ETH, and XRP Price Prediction: Cryptocurrency Forecast Analysis

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Sritanshu Sinha
    Sritanshu Sinha
    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,714FollowersFollow
    4,094FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade

    As the new decade dawns upon the emerging digital asset economy, it's important to analyze the current cryptocurrency market landscape and find out which...

    CZ Says BNB Burns Not Priced In after 2.2 Million Binance Coin Taken Out of Circulation Forever

    Binance burns $38.8 million worth of B&B and raking in a profit of $194 million 4Q19 CEO changpeng Zhao, CZ is “mystified” that...

    Bitcoin SV Price Falls Hard After Craig Wright's Lawyer Reveals He Has No Private Keys

    BitcoinSV, (BSV)'s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that...

    India's Supreme Court Continues To Hear Case Against RBI Cryptocurrency Ban

    The Reserve Bank of India had issued a circular in April 2018, which imposed a banking ban on crypto service providers. The circular prohibited...

    Cryptocurrencies Decentralized Structure Makes Terrorist Financing Difficult To Track: Chainalysis

    Chainalysis has released their conclusions from a study, that has helped the firm establish that extremist groups are coming up with new ways to...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.