Venezuela, collects remittances and commissions for coded currency

The government of Venezuela has introduced regulations on remittance of money in the country. Published by the State Cryptographic Regulatory Authority (SUNACRIP) as official gazette. According to this, the regulatory authority will collect the cipher money transfer fee. Collection targets apply to both individuals and corporations. The government of Venezuela sets a limit on cigarette money transfers to determine the fees paid to the regulatory body for collection.

The transfer fee is up to 15% of the remittance. The rule also states that the minimum commission on cryptographic transactions is € 0.25. In the case of Petro, a government-sponsored cipher, the upper limit for remittances was set at 10 petrol per month. Petro prices are $ 60 per pet, and the ceiling is $ 600. In addition, if you transfer money to Petro, government approval is required, and the upper limit is 50 Petros.

# Entérate || PUBLICADA en Gaceta Oficial Nro 41581, Providencia mediante la cual se establecen los requisitos y trámites para el envío y recepción de remesas en Criptoactivos a personas naturales en el territorio de la República Bolivariana de Venezuela. # PetroMilagroEconómico pic.twitter.com/aaAqfiHAlW

– Superintendencia Nacional de Criptoactivos (@SunacripVe) February 9, 2019

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However, it is not clear in the document how the government will manage the services used for distributed cryptographic transactions such as bit coins. In Venezuela, the political and economic turmoil has prolonged, and bit coin trading is becoming more active. Until the beginning of February, the number of beat coin transactions for one week reached a record high. These transactions are made through local bitcoins, which are P2P trading platforms.

At the end of January, Venezuela is introducing new regulations on cryptography to monitor and control the entire cryptographic business in its own country. However, given the political situation in Venezuela, there are many opinions that it is doubtful whether this regulation will be effective.