The government of Venezuela has begun offering a cryptocurrency remittance service. Remittances can be sent using two types of cryptocurrency. The service was launched by the Superintendency of Cryptoassets and Related Activities, the country’s main crypto regulator, which has also set a monthly limit and a commission per transaction.
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Government’s Remittance Service
The government of Nicolas Maduro has started offering a cryptocurrency remittance service. The Superintendency of Cryptoassets and Related Activities (Sunacrip), the main regulator of all crypto activities in Venezuela, announced the launch of the service on its Patria platform last week. According to its website:
The cryptocurrencies that can be used to send [remittances] are bitcoin and litecoin.
Once the cryptocurrency transaction is confirmed, the funds will be available on the platform in sovereign bolivars, Venezuela TV reported, noting that “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.”
The petro is Venezuela’s national digital currency which the Maduro government claims to be a cryptocurrency backed by oil, gold, diamond, and other natural resources. Each coin was previously worth 3,600 sovereign bolivars (Bs.s). However, President Maduro raised its rate to 9,000 Bs.s in December and again in January to 36,000 Bs.s.
Using the Patria Portal
The terms and conditions page of the Venezuelan government’s remittance website states that “To be a recipient of crypto remittances, the natural person must be registered with the Patria platform, be of legal age and reside in the Bolivarian Republic
