Venezuela introduces a 15% fee on cryptocurrency transactions

The national regulator of Venezuela, Sunacrip, has changed the requirements concerning digital assets transactions performed by individuals within the country. Per the order, the sender shall pay a fee which is based on the amount of the transaction but should not exceed 15%. The minimal commission is 0.25 EUR per transaction.

Sunacrip reserves the right to limit the size of cryptocurrency transactions, set the exchange rates for digital assets in sovereign Bolivar and request transaction info from both senders and receivers. Currently, citizens can send 10 Petro ($600) in cryptocurrency per month. To send more, they would need to obtain permission from the regulator.

The moves from the regulator have been bashed by the local cryptocurrency community and described as an attempt to centralize cryptocurrency. It is also noted that the Petro has never been popular among Venezuelans. With this government backed currency being controlled by the government from the very start, it was regarded as a pet project of the corrupted Maduro administration.

The latest data, provided by the research company DataLight, shows that the financial and political crisis forced people to buy Bitcoins and use them as a store of value or as a means of payments. The country now takes second place by trading volumes on the LocalBitcoins platform, surpassed only by Russia. As a matter of fact, cryptocurrency was never meant to be centralized and corrupt government backed projects like these only serve to give a black eye to blockchain.

As we look at the landscape of blockchain currently, we see many projects forming deal and partnerships with reputable companies and organizations that will further the adoption of this technology. Government backed control over markets and technology will never produce success, advancement or adoption of any technology. We still need government oversite, so rampant abuses do not take place, but their role should be as limited as possible.

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