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…