Providence update for sending cryptocurrency transfers in Venezuela

Through a special resolution, the National Superintendent of Crypto Assets of Venezuela became “SUNACRIP” updates the conditions for sending and receiving transfers in the Latin American country via cryptocurrencies.

Ordinance No. 057-2020 of September 1, 2020 is drawn up “The requirements and procedures for sending and receiving transfers in Cryptoactive” within the oil country for natural and legal persons.

Use of the government platform Patria, The resolution stipulates a maximum limit of 14 Petros “PTR” per month or an equivalent amount in foreign currency. than the amount that a natural or legal person in the country can receive in accordance with the concept of crypto assets domestically.

Providence update for sending cryptocurrency transfers in Venezuela
Providence update for sending cryptocurrency transfers in Venezuela

The document also stipulates that with the exception of exceptional permits The Board of Directors can extend the previous limit to a foreign currency equivalent of 50 Petros. The ruling does not set out the mechanisms or the conditions for recourse to this exception.

SUNACRIP states that through the Patria platform, the credit transfer can be accredited for the beneficiary in the crypto-assets approved by the system such as Petros or, if you prefer, in the local currency Bolívar «VES».

Although it is not clear what type of crypto-assets the platform allows for receiving transfers, the Patria board only allows you to manage payment requests through Petros or Bolivares.

It should be noted, however, that the PetroApp wallet can be used to receive decentralized cryptocurrencies such as Bitcoin, Litecoin or Dash in addition to the digital Petro currency.

In this context, the judgment also points out that the amount received can be transferred to the National Bank or via one of the subsystems offered by the Patria platform, for example via the digital wallet of the same name, which works with the fingerprint at the sales outlets. I Agree.

The governing body states that the exchange rate used as the reference for wire transfers is that set by the Central Bank of Venezuela and the value of the euro is used as the reference for the date and time of the operation.

As an important note, a usually fixed maximum commission of 10 percent on the amount of the operation is charged for all transfers, regardless of the type of currency in which the transaction is made – credit or fiat – as well as a minimum amount for the maintenance of the Patria -Platform for each transaction from 0.25 euros.

Once again, the judgment does not specify which criteria should be used to determine the value of the minimum and maximum transaction fees for each transaction of sending and receiving transfers via the government platform Patria.

With this new document, the governing body for activities related to crypto assets in Venezuela ends the previous decision of February 7, 2019 in Official Gazette No. 41,581.

Transfers with crypto in Venezuela

Venezuela has seen its largest exodus in its history in recent years and one of the largest on the continent, even compared to similar events in Africa and the Middle East. More than five million people were paradoxically displaced by the socioeconomic conditions of the country’s oil tankers.

With the entry into the cryptocurrency scene and the degree of hyperinflation registered in the South American country The use of these instruments as a means of payment for sending and receiving grants to dependents of Venezuelans within the territory is becoming increasingly common.

The Patria government system has allowed this mechanism so that many people can use its interface to send and receive transfers in currencies other than petro. However, due to the lack of transparency, the centralization of the system and the common linking of the term “cryptoactive” on the platform with the unpopular sovereign digital currency of the government of Nicolás Maduro-El Petro, its use for this purpose was not as expected. .

With this update, SUNACRIP is now trying to lay the clearer foundations for a system that is expected to have a lot to prove across borders. Meanwhile, Venezuelans continue to use really decentralized cryptocurrencies like Bitcoin, Ethereum, Dash or Bitcoin Cash to send their help to relatives within their borders via P2P platforms like LocalBitcoins, Localcryptos or Airtm.

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