Venezuela Imposes 15% Commission on Crypto Remittances as Bitcoin Trading Volume Hits ATH
Last week, Venezuela published a provision in the Official Gazette No. 41581 of Venezuela that now imposes a hefty commission on the cryptocurrency remittance payments in the country. The National Superintendency of Cryptoactives and Related Activities (SUNACRIP ) is the in charge of carrying out the regulations.
“The natural persons who intend to send in cryptoactive to the territory of the Bolivarian Republic of Venezuela, as well as the natural persons receiving these.”
The ruling as highlighted in Article 3 only talks about the activity of natural persons and furthermore, SUNACRIP will have the power to
“establish the limits for these transactions, establish the values of virtual currency in sovereign bolivars, specify the tax burden and request data on the issuers and receivers of these transactions.”
Setting an Upper & Lower Monthly Limit
According to the new regulation, the most important measure to be adopted involves commission that will be charged for sending remittances set at 0.25 euros (USD $ 0.278 approximately) with the maximum limit at 15 percent of the transaction.
“The issuer of the cryptocurrency remittances referred to in the decree is obliged to pay a maximum commission in favor of SUNACRIP of up to 15% of the total amount.”
When it comes to the monthly limit, remittances up to an equivalent of 10 Petros per month (about USD $600) can be sent without the SUNACRIP authorization while the maximum level is 50 Petros (USD $ 3000). Furthermore, the issuer has to provide the data of the receiver as well.
“The processing of remittances in cryptoactive to which this provision refers will be supported by the technological platform determined by the Sunacrip, being able to use any other electronic means that it considers suitable for the fulfillment of its purpose.”
People unanimously voiced their negative stance on this and find this decision absurd as one crypto enthusiast commented,
“This is a mockery lol and look nothing else those commissions. They want to regulate the irregular. JAJAJA good luck.”
While other one said,
“When I read that, the shot caused me to leave the country … the most absurd thing I've seen.”
And another one,
“An Absurd regulatory framework, Instead of promoting the adoption of cryptoactives, are trying to centralize something that its genesis is the opposite.”
While Bitcoin Trading Volume Hits Peak in Venezuela
The 15 percent commission came amidst Bitcoin trading volume in Venezuela breaking all records dn hitting a new all-time high. According to Coindance, Venezuelans traded 2,485 Bitcoin via LocalBitcoins in last week. At the rate of $3,400 per Bitcoin, this amount to about USD $8.4 million.
Just a week before that 2,004 BTC was traded which has broken the previous record of 1,974 BTC that Venezuelans traded during Christmas. Currently, the country is going through the political and economic crisis while suffering from hyperinflation that is leading people to uncensored cryptocurrency Bitcoin.