💡 Venezuela wants to regulate cryptocurrency trading!

Hello dear readers,

Especially in countries like Venezuela, cryptocurrencies are becoming more and more popular due to the devastated financial system and hyperinflation. Now the Government of Venezuela wants to do business with Bitcoin & co. regulate and in this post I would like to share more information on this topic with you.

Here you can find the original article in German: https://www.btc-echo.de/venezuela-verschaerft-regelungen-fuer-bitcoin-geschaefte/

Picture Source Shutterstock and BTC-Echo

Venezuela continues to tighten regulations on cryptocurrencies. According to this, there will be an upper limit for businesses with Bitcoin & Co. on the one hand. On the other hand, the government wants to get rid of their cake in the future.

While the crisis between President Nicolás Maduro and self-proclaimed Transitional President Juan Guaidó continues to divide Venezuela and international politics, the government seeks to enrich the Venezuelan Bitcoin community.

Crypto Taskforce Issues New Guidelines

The Latin American crypto magazine Criptonoticias reports that the Venezuelan crypto taskforce has issued new guidelines for cryptocurrency transactions. For example, the agency levies a fee on all transactions made in connection with cryptocurrencies. Accordingly, each transaction will incur a minimum basic fee of at least € 0.25. Depending on the amount of the transaction, however, this would be flexible. Thus, in extreme cases, it could amount to up to 15 percent of the transferred assets.

In addition to the basic fee for all crypto transactions, Venezuela also sets a maximum amount which the monthly amount of transactions may not exceed. This amount, according to Criptonoticias, is set at ten petros (PTR). This is the state-owned cryptocurrency that is said to be covered by one barrel of oil per token. The maximum amount is therefore limited to a total of $ 600 a month. Any transaction that exceeds this amount will ultimately require approval from the Venezuelan crypto taskforce SUNACRIP. This is entitled to raise the allowable amount to a total of 50 Petros or $ 3,000.

Bitcoin in Venezuela

Bitcoin has played a significant role in troubled Venezuela for years. Due to hyperinflation, many residents resort to cryptocurrencies to use their value store function. By buying bitcoin, for example, from salary and / or savings, they can protect themselves from inflation. The latter is so strong that the morning's salary is only a fraction of the original amount in the evening.

Original Source in German: https://www.btc-echo.de/venezuela-verschaerft-regelungen-fuer-bitcoin-geschaefte/

Greetings and hear you in my next article.

Michael Thomale - @michael.thomale