Venezuela continues to reach new heights in terms of the weekly Bitcoin trading volume. Meanwhile, the country isGovernment has issued new regulations charging fees for Bitcoin transfer.
2,545 BTC: New weekly Bitcoin trading record
According to data from Münztanz, Venezuelans traded 2,454 BTC via Localbitcoins (the P2P trading platform) for the week ending Feb. 9, 2018. This number surpasses the 2,004 BTC in the previous week.
Last week's volume is the highest volume ever recorded in the country. In terms of VES, the country's beleaguered currency, Bitcoin, worth 24 billion VES, moved hands over the period, up 41 percent from the week ending February 2, 2019.
With the continuing political, social and economic turmoil in the Latin American state citizens continue to rely on Bitcoin and other cryptocurrencies to survive. The current stand-off In the political scene, the already dramatic problems associated with the lack of foreign exchange and hyperinflation are certainly compounded.
15 percent fee for Bitcoin transfers
As Bitcoin's trading volume grows, civil servants use the lawsuit and charge exorbitant fees for sending cryptocurrency in the country.
According to the notice published in the Official Gazette on 7 February 2019, the National Supervision of Cryptoactive and Related Activities of Venezuela (SUNACRIP) is now supervising the transfer to cryptocurrency in the country.
# Entérate || PUBLICADA in Gaceta Oficial Nro 41581, Share your travel dates provided for this year and gain access to the wildlife sanctuaries of the United Kingdom nature reserve.# PetroMilagroEconómico pic.twitter.com/aaAqfiHAlW
– Superintendencia Nacional de Criptoactivos (@SunacripVe) February 9, 2019
SUNACRIP can now set limits on cryptocurrency payments. An excerpt from the decree of the local crypto news media Criptonoticias, reads as follows:
The ruling defines commissions ranging from € 0.25 (minimum amount per transaction) to 15% of funds paid in cryptocurrencies [sic], In addition, the transfer of funds will be limited to a monthly amount equivalent to 10 Petros (PTR), a cryptocurrency [sic] created by the Venezuelan government.
The release also sets a cap on cryptocurrency payments set at $ 3,000.
The reaction of many commentators on the subject was unanimously negative. The charging of cryptocurrency transfer fees is counterproductive to the nature of international payments via cryptocurrency, ie the removal of exorbitant fees charged by mainstream services.
According to the World Bank, the average average transfer fee is offer between 5.2 percent and 9.4 percent. The pricing structure of SUNACRIP effectively makes crypto transfers more expensive than Fiat.
This new guideline follows an earlier law that is being sought punish what the state considers to be unauthorized cryptocurrency.
What do you think about the transfer fees that the Venezuelan state levies on bitcoin and other cryptocurrency transactions?? Tell us what you think in the comments.
Images courtesy of coin.dance and Twitter (@SunacripVe), Shutterstock
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