Venezuela Regulator Implements 15% Fee On Crypto Transactions

Sunacrip, Venezuela’s national regulator altered the criteria for transactions on virtual currencies carried out by individuals within the country. The payee shall pay a fee determined by the amount of the transaction, but not exceeding 15%, in conformance with the recent order.

The minimum fee is EUR 0.25 per cryptocurrency transaction. In addition, Sunacrip retains the right to reduce the size of cryptocurrency trades and establish exchange rates for cryptocurrencies in sovereign Bolivar and and and to demand transaction information from both payment senders and recipients.

Currently, citizens can remit cryptocurrency equivalent to the value of 10 Petro ($600). They should get approval from the regulatory body to remit more cryptocoins. The domestic cryptocurrency community slammed the effort as an effort towards centralization. It should be noted, however, that Petro never attained popularity with Venezuelans.

Since it was heavily regulated from the very beginning, it was considered a despotic Maduro administration’s pet programme. According to the the the the the the recent data released by the DataLight research company, the financial and political and and and crisis has compelled people to purchase Bitcoins and utilize them as a payment method or store of value.

Venezuela now stands next to Russia in terms of transaction volumes on the cryptocurrency exchange site LocalBitcoins.com.