Venezuela’s Superintendency of Cryptoassets and Related Activities Opens Remittances Service

Venezuela's government has been between a rock and a hard place for quite a bit of time. That's probably why it's started to offer a cryptocurrency remittance service. It was launched by the Superintendency of Cryptoassets and Related Activities (the country's main regulatory authority in crypto things). It's set a monthly limit and commissions per transaction.

Maduro's Remittance Services.

Yes. That very controversial government started to offer a cryptocurrency remittance service. Sunacrip (Superintendency of Cryptoassets and Related Activities), which is the country's regulator of crypto activities (despite the propagandistic name), announced the service. It will be part of its Patria (yet another propagandistic name) platform. According to the website:

“The cryptocurrencies that can be used to send [remittances] are bitcoin and litecoin.”

As every transaction is confirmed, the money is available in Sovergain Bolivars, according to Venezuela TV.

“The system will allow the user to receive a maximum of cryptocurrency equivalent to 10 Petros per month [in bolivars].” But if Sunacrip approves specifically then the recipient could get up to “the equivalent in euros of fifty (50) Petros.”

Petro is Venezuela's national digital currency (if such a thing can actually exist without a blockchain to support it). It's supposed to be backed up by oil, gold, diamonds and Venezuela's natural resources. Each Petro token was worth 3,600 Sovereign Bolivars. President Maduro (an arguable position as things stand) raised the price to 9.000 Bs last December. Then, last January it went up (again, artificially) to 36,000 Bs.s.

Those coins are available at the Patria Portal, which is government owned. According to the site

“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.”

But senders can be out of Venezuela, which is not very surprising as the country keeps being squeezed out of resources because most of the world's government's are not supporting Maduro,

Using the platform requires a sender to use an email address to which a code will be sent so he or she can log in. “The code sent is a one-time password … a new one will be sent each time that it is required to access the remittance system,” As a user becomes part of the platform, he will need to provide a last name, a date of birth and a country of residence. The sender will then be asked to give the platform the recipient's national identification and date of birth.

Once you've done that, you have to select the number of tokens you will send. At that point “will see the reference exchange rates at the time of the transaction and the type of cryptocurrencies: bitcoin and litecoin,” according to Agencia Venezolana de Noticias, if you still believe anything they publish.

Exchange Rates.

The rates “will depend on the date and time of the transfer.” They will be rated in terms of the Euro rate published by the Patria website, according to Venezuela TV. Then the value in Bolivars will be determined by the Central Bank of Venezuela (BCV) which is even more good news for the locals.

The exchange rate of the cryptocurrency sent “will depend on the date and time of the transfer” which will be determined based on its value in euros shown on the Patria website, Venezuela TV described. Its value in bolivars will be determined based on the official rate published by the Central Bank of Venezuela (BCV).

Then there's a commission which could be as high as 15%. That's what the platform shows. “The minimum commission amount will be the equivalent of 0.25 euros [~$0.28] in bolivars for each transaction,” according to the Patria site. Additionally the exchange rate “will be adjusted every ten (10) minutes or when required and will be published on the website of the platform.”

We should all support Venezuela for sure. But not to keep Maduro in power.

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