Venezuelan Govt Launches Crypto Remittance Service

 

 

 

 

 

The Venezuelan government has launched a new service to facilitate Bitcoin and Litecoin remittances to the country’s citizens. Launched by the nation’s Superintendency of Cryptoassets and Related Activities (Sunacrip), the new remittance services are accessible via the Patria Platform:

Remesas is a service of the Patria Platform that allows you to send remittances to Venezuela in Cryptocurrencies. The resources sent will be available in Sovereign Bolivars in the Monedero Patria as soon as the transfer is confirmed.

The new service allows people outside of Venezuela to send BTC or LTC to any recipient who is "a natural person, of legal age, domiciled in the territory of the Bolivarian Republic of Venezuela.” Those recipients are limited to receiving no more than 10 Petros’ worth of crypto assets each month, though Sunacrip reserves the right to authorize remittances up to 50 Petros in value on a case-by-case basis, when requested by the recipient.

The government’s terms of service also require a sender to pay up to 15% of the remittance as commission.

The Petro is the government-issued national digital coin and has been a source of controversy since its creation – with the national legislature openly questioning its legality. The Maduro government has claimed that the Petro is backed by the country’s natural resources, including oil.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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