Venezuelan government offering services for sending BTC and LTC to citizens

04 Mar, 2019 | Updated: 05 Mar, 2019
by David Borman
News
Venezuelan government offering services for sending BTC and LTC to citizens

It is currently being reported by Crypto Globe that the government of Venezuela has just launched official services that allow for people anywhere in the world to send Bitcoin (BTC) and Litecoin (LTC) to its citizens.

The program was created by Superintendencia Nacional de Criptoactivos y Actividades Conexas (Superintendency of Cryptoassets and Related Activities) or Sunacrip, which is the main cryptocurrency regulator in Venezuela. The service is called Patria and there are some strict terms for being eligible:

- The recipient must be "a natural person, of legal age, domiciled in the territory of the Bolivarian Republic of Venezuela."

- The recipient "may receive cryptoassets up to a value equivalent in foreign currency to ten Petros (10 PTR) per month." Sunacrip "may exceptionally authorize an amount higher than the one referred to in this article, upon reasoned request of the recipient, up to a maximum of the equivalent value in foreign currency to fifty Petros (50 PTR)."

- The sender must pay a commission "up to a maximum amount of fifteen percent (15%), calculated on the total of the remittance, in Bolivars, and a minimum amount equivalent to 0.25 Euros per transaction."

To use the service, individuals will need to log onto the Patria website, give details about the person receiving the funds, select the currency desired and then make a transfer from their own crypto wallet to one created by Patria.

The whole process sounds pretty smooth, though the fees and limitations involved are a bit discouraging and go against the essence of crypto. Will this system become popular? Only time will tell!

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