Residents of Venezuela now able to transfer money service Bitcoin and Litecoin, launched by the National cryptocurrency regulator Sunacrip. This is reported by Bitcoin.com.
The new service was launched last week and integrated into the already existing state platform Patria, offering the possibility of sending funds in cryptocurrency, followed by conversion into bolivars. At the same time, restrictions were imposed on the receipt of cryptocurrency funds in the amount of 10 El Petro in the equivalent of sovereign Bolivars per month. With the special permission of Sunacrip, this limit can be raised to 50 El Petro.
The national cryptocurrency of Venezuela El Petro, according to the government of Nicolas Maduro, is provided with oil, gold, diamonds and other natural resources. Previously, each El Petro coin cost 3,600 sovereign Bolivars, but in December 2018, it raised its price to 9,000 Bolivars, effectively devaluing the national currency against Petro by more than 100%.
The website of the Patria platform states that in order to be able to accept funds in cryptocurrencies, an individual must be a registered user, of legal age and reside in the Republic of Venezuela. The senders of the funds may also be located outside the country.
From a technical point of view, to use the platform, the user must enter an e-mail, to which a one-time access code will be sent. Also, the user must enter the first and last name, specify the date of birth and country of residence. The sender must also specify the identification number and date of birth of the recipient.
The next step is for the user to select the cryptocurrency and the transfer amount, after which he will see the exchange rates at the time of the transaction. It is noteworthy that the rates are pegged to the euro, while the amount that will be available to the recipient is calculated on the basis of the official rate of the bolivar, established by the Central Bank of Venezuela. The minimum transfer fee is 0.25 euros in bolivars for each transaction, but it can be as high as 15%.