The government of Venezuela has started offering a cryptocurrency remittance service. Utilizing two kinds of cryptocurrency these remittances can send. The service launched on its Patria platform by the Superintendency of Crypto assets and Related Activities (Sunacrip), the main crypto regulator in Venezuela, which further set a monthly limit and commission per transaction. Cryptocurrency Remittance Service Launched by Venezuelan Government.
“The cryptocurrencies that can be used to send [remittances] are bitcoin and litecoin.”
-According to its website
“The system will allow the user to receive a maximum of cryptocurrency equivalent to 10 Petros per month [in bolivars].” However, with specific approval by Sunacrip, the recipient can receive up to “the equivalent in euros of fifty (50) Petros.”
-Venezuela TV announced
Venezuela’s national digital currency is the Petro backed by oil, gold, diamond, and other natural resources. Previously, each coin was worth the equivalent of 3,600 sovereign bolivars (Bs.s). President Maduro, however, raised its rate to 9,000 Bs.s in December and again in January to 36,000 Bs.s.
“To be a recipient of crypto remittances, the natural person must register with the Patria platform. Also, be of legal age and reside in the Bolivarian Republic of Venezuela, Senders, however, can be outside of Venezuela.”
-Venezuelan government’s remittance website states.
To utilize the platform, the sender must enter an email address to which a confirmation code will be sent, and enable signing in. After entering the system the sender should enter their first and last name, date of birth and country of residence. The sender should then enter the national identification number and date of birth of the recipient.
“The code sent is a one-time password… a new one will be sent each time that it is required to access the remittance system,”
-the Patria website details
The following step is to choose the cryptocurrency and the amount of remittance to send. Now, “the sender will see the reference exchange rates at the time of the transaction and the type of cryptocurrencies: bitcoin and litecoin,”
-Agencia Venezolana de Noticias (AVN) elaborated.