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Venezuela continues to reach new heights in terms of volume of weekly bitcoin transactions. Meanwhile, the countryThe government has issued new regulations that impose fees on remittances through Bitcoin.
2,545 BTC: New weekly trading record for Bitcoin
According to the data of Dance Corner, Venezuelans exchanged 2.454 BTC via Localbitcoins (the P2P trading platform) for the week ending February 9, 2018. This figure exceeds the 2,004 BTC recorded the previous week.
The volume of last week is the highest ever recorded in the country. In terms of VES, the currency of the country, 24 billion VES Bitcoin changed hands during the period, an increase of 41% over the week ended February 2, 2019.
With the persistence of political, social and economic turmoil in the Latin American state, citizens keep counting on Bitcoin and other crypto-currencies for survival. the current impbade on the political scene can only exacerbate the already glaring problems related to the shortage of currencies and hyperinflation.
15% fee on sending bitcoins
As the volume of Bitcoin transactions skyrockets, state officials embark on the action by introducing exorbitant fees on cryptocurrency remittance payments in the country.
According to the notice published in the Official Gazette No. 41581 of 7 February 2019, the National Superintendency of Cryptotactic Activities and Related Activities of Venezuela (SUNACRIP) now oversees remittances based on cryptocurrency in the country.
# Entate || PUBLICADA in Gaceta Oficial Nr 41581, Providencia mediante, publishing the general conditions and conditions of purchase and processing of the sending and receiving messages in person, as well as natural and natural information of the Republic Bolivarian Republic of Venezuela.# PetroMilagroEconómico pic.twitter.com/aaAqfiHAlW
– Nacional Superintendencia of Criptoactivos (@SunacripVe) February 9, 2019
SUNACRIP now has the power to set limits on cryptocurrency payments. An extract from the decree published by the local crypto press media Criptonoticias, reads like follows:
The decision sets commissions ranging from 0.25 euro (0.28 dollar) to the minimum rate per transaction, to 15% of funds transferred in cryptocurrency. [sic]. In addition, it limits the sending of remittances to a monthly amount equivalent to 10 Petros (PTR), a cryptocurrency [sic] created by the Venezuelan government.
The notification also sets an upper limit for cryptocurrency payments at $ 3,000.
The reaction of many commentators on this subject has been unanimously negative. Imposing charges on cryptocurrency remittances goes against the essence of international payments via cryptocurrency, namely the removal of exorbitant fees charged by traditional services.
According to the World Bank, overall average transfer costs interval between 5.2% and 9.4%. The SUNACRIP tariff structure effectively makes cryptographic transfer more expensive than fiat.
This new directive follows a previous law aimed at punish what the state considers as an unauthorized use of cryptocurrency.
What is your point of view on the discount fees imposed on Bitcoin and other cryptocurrency transactions by the Venezuelan state?? Let us know your thoughts in the comments below.
Images courtesy of corner.dance and Twitter (@SunacripVe), Shutterstock
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