Venezuelan Regulator To Charge Commission From Crypto Payments

Venezuelan Regulator To Charge Commission From Crypto Payments

The Venezuelan government has begun to regulate cryptocurrency money transfers.

Superintendency of Crypto Assets and the Related Activities of the nation is the regulator of all the digital activities or works in Venezuela. The decree enacting this regulation was published in the country's Official Gazette No. 41.581.

Additionally, civilians of Venezuela are now under even more pressure, as just recently they were forced in a public statement for change to start using the Petro cryptocurrency; now, with already near worthless fiat currencies, the civilians must switch to a new form of technology as well as deal with fees that are cutting huge amounts of their capital off when sending or receiving.

"The sender of the remittances mentioned in this decision is obliged to pay the financial commission in favor of Sunacrip in the amount of not more than 15% of the total amount of the remittance", the regulator said.

The minimum commission Sunacrip charges is "equivalent to 0.25 euros [~$0.28] per transaction", the gazette reads.

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According to the decree, Sunacrip will now possess the power to create remittance limits as well as set values for cryptocurrencies in sovereign Bolivars.

The monthly limit for sending remittances has been set at a fixed rate of 10 Petros (PTR). "This cap translates into U.S. $600 per month, according to the quote set for the PTR".

In certain special cases (i.e. where Sunacrip's official endorsement has been procured), users will be able to sanction a monetary transaction worth 50 PTR ($3,000).

Following Sunacrip's announcement, some people took to Twitter to voice their opinions about the new rules. He also tweeted that instead of promoting the adoption of crypto assets, they are trying to centralize something that its sources are the opposite.

Venezuela announced strict cryptocurrency enforcement this past January on the 31, where the country insisted that the "Petro" cryptocurrency, the countries' inclusive digital asset, be used as the main form of transaction, value transfer, and payments across the country. The release was called the "Constituent Decree on the Integral System of Crypto Assets", which included 63 articles split into different sections. The regulator will designate a unit "responsible for the control, monitoring and verification of updating of the data contained in the Risec".

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