[2019-02-15]Cryptocurrency Payments in Venezuela Subject to 15% Commission

[Vladdirescu87]

The authority responsible for the regulation of the blockchain and cryptocurrency industry, known as the National Superintendence of Cryptos Related Activities of Venezuela, SUNACRIP, recently released regulations dealing with the sending and receiving of remittances in digital currency friendly nations within the South American continent.

This new policy explains in detail the needs, procedures and payments which MUST be fulfilled by natural and legal users that attempt to employ crypto in sending money to their respective firms and businesses in Venezuela. The norm was officially published under Providence 009-2019 and also signed by manager Joselit Ramirez.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/cryptocurrency-payments-venezuela/

[Taki]

The picture shows the whole situation indeed. My opinion is that such rough taxation made to turn people to use national crypto Petro. As I know it's not so popular from the most beginning, so the government simply press people to they use national crypto.

[BitHodler]

The picture shows the whole situation indeed. My opinion is that such rough taxation made to turn people to use national crypto Petro. As I know it's not so popular from the most beginning, so the government simply press people to they use national crypto.

I haven't seen much of an indication that people there are using the Petro. I am of believe that this will make people rush into local economies even further, because who's there to deduct 15% from your Bitcoin transactions?

If you buy your coins locally (the volumes there have been pretty high for such a country) there isn't anyone from the government to stop you. They can suck on their Petro because it's simply not going to work in a country that divided.

More power to Bitcoin.

[ASHLIUSZ]

The picture shows the whole situation indeed. My opinion is that such rough taxation made to turn people to use national crypto Petro. As I know it's not so popular from the most beginning, so the government simply press people to they use national crypto.

I haven't seen much of an indication that people there are using the Petro. I am of believe that this will make people rush into local economies even further, because who's there to deduct 15% from your Bitcoin transactions?

If you buy your coins locally (the volumes there have been pretty high for such a country) there isn't anyone from the government to stop you. They can suck on their Petro because it's simply not going to work in a country that divided.

More power to Bitcoin.

Agreed, when they levy such a big commission on the transaction over the country backed crypto it'll begin to loss its value. This is completely like making things advanced and not letting the common people to enjoy the goodness in it. For this they can better increase taxation on daily needs and there is no need of such a petro.

[gentlemand]

I haven't seen much of an indication that people there are using the Petro.

As far as I can tell it STILL doesn't exist in any form whatsoever beyond blag. I've seen photos of Venezuelan pensioners being given Petro IOUs which they must be absolutely delighted with. There's a good possibility it's never going to exist.

[tyz]

I haven't seen much of an indication that people there are using the Petro.

As far as I can tell it STILL doesn't exist in any form whatsoever beyond blag. I've seen photos of Venezuelan pensioners being given Petro IOUs which they must be absolutely delighted with. There's a good possibility it's never going to exist.

I also recently searched for signs of Petro use, but could not find anything.

The Petro was not introduced to be used by the Venezuelan people. That was never the intention of the government. Officially everything is alright in Venezuela. The Petro was introduced to bring stable foreign currencies into the country, also to support the national currency, which has insane inflation. In order to gain the confidence of the foreign investors the token was secured with oil. The only question is, who assures this.

[1Referee]

As far as I can tell it STILL doesn't exist in any form whatsoever beyond blag. I've seen photos of Venezuelan pensioners being given Petro IOUs which they must be absolutely delighted with. There's a good possibility it's never going to exist.

I'm pretty certain that most of what's allowed to circulate in Petro belongs to the elite there, while the average folks there will have to suffer for many more years to come. And even then, I do wonder if stores there actually accept it, because from all the videos that I have seen, and stories read, there is no indication of that, and a lot of stores there don't even have internet to begin with.

Another problem is that who in his right mind will exchange Petro for the native fiat currency that continues to plummet? In other words, I do see an economical split happen where people with Bolivars might not be allowed to buy goods with their currency in certain 'wealthier' districts.

[gentlemand]

I'm pretty certain that most of what's allowed to circulate in Petro belongs to the elite there, while the average folks there will have to suffer for many more years to come. And even then, I do wonder if stores there actually accept it, because from all the videos that I have seen, and stories read, there is no indication of that, and a lot of stores there don't even have internet to begin with.

I've never seen evidence of mining, a blockchain or anything. Private or not there should be something someone can point to if it actually existed beyond a few websites.

The elite will be after dollars like everyone else and as the poster above points out I think it's supposed to be more of a reserve type thing than a day to day job.

[magneto]

What a joke of a policy.

There is absolutely zero enforceability. Sure, you could potentially stop some big corporates from transacting in bitcoin without paying this 15% tariff, but how are you going to stop individuals conducting bitcoin transaction on a p2p basis? That aspect of it simply makes no sense to me.

Also, I assume that this policy will also apply to Petro as well, which means that essentially they are discouraging people from using the Petro. Who is going to use the Petro when every payment carries a 15% premium and there are better decentralised alternatives instead which the government can't enforce. This is completely unfair, but honestly not out of the ordinary for Venezuela.

[gabbie2010]

The 15% is an outrageous commission although its a welcome development that Venezuela has fully adopted cryptos, this act might discourage potential investor its on record that Venezuelan economy is crumbling whereas the government is resorting to every possible means to resuscitates their economy shouldn't have to levied heavily on cryptos this will surely deters investors they will ratherr seek an alternative means.

[Kakmakr]

Venezuela is on the brink of a collapse and a new government will change all of these ridiculous policies when they take over. Large 1st world countries like China have tried to stop Bitcoin and they failed, so why would a 3rd world country be more successful?

The people in Venezuela have a right to protect their wealth from a corrupt government, even if it means that they must shift that wealth illegally to another currency or another country. Traditional methods to curb capital flight, does not stop Crypto currencies like Bitcoin, because it is borderless.  

[squatter]

What a joke of a policy.

There is absolutely zero enforceability. Sure, you could potentially stop some big corporates from transacting in bitcoin without paying this 15% tariff, but how are you going to stop individuals conducting bitcoin transaction on a p2p basis? That aspect of it simply makes no sense to me.

I suppose they could do it the same way the FBI sets people up on Localbitcoins. The police pose as traders, setting up P2P deals with high volume traders. Then they get those traders to engage in illegal deals like transacting with $10,000+ without KYC.

The Venezuelan government could set up trades, then see if traders pay the tax. If they don't, the police might come knocking on their door.