Hyperinflated land brings its own crypto payment service
The government of Venezuela, under the leadership of Nicolas Maduro, has launched a state-owned crypto-transfer service that can be used by the country’s citizens. For the time being, Bitcoin (BTC) and Litecoin (LTC) can be sent and received.
The service is offered on the Patria platform, which reports directly to a country’s cryptocurrency regulator, the Superintendency of Cryptoassets, and the Kinetic Activities (Sunacrip). The platform writes (freely translated):
Remesas is a Patria platform service that allows you to send money transfers to Venezuela in cryptocurrencies. The transmitted resources will be available in Sovereign Bolivars in Monedero Patria as soon as the transfer is confirmed.
The platform itself may incur fees of up to 15% of the total transfer amount. This value is significantly higher than everyday transfers in Bitcoin and Litecoin, depending on the size of the transaction. Furthermore, the central bank reserves the right to set a maximum amount for withdrawal in order to avoid abuse and terrorism.
Due to the prevailing hyperinflation in the country, many citizens have fled into cryptocurrencies, most notably Bitcoin. Since then, exchanges such as LocalBitcoins are experiencing new crow flies in Bitcoin transaction volume and the associated associated use of digital assets. This move by the government of Maduro is another way or attempt to circumvent US economic sanctions.
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Categories: Crypto Currency