Venezuela Imposes Capital Controls on Bitcoin Remittance Amid Record Volume – Bitcoinist.com

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Venezuela Imposes Capital Controls on Bitcoin Remittance Amid Record Volume - Bitcoinist.com

Venezuela continues to reach new heights in terms of weekly Bitcoin trading volume. Meanwhile, the country’s government has issued new regulations that impose fees on Bitcoin remittance.


2,545 BTC: New Weekly Bitcoin Trading Record

According to data from Coin Dance, Venezuelans traded 2,454 BTC via Localbitcoins (the P2P trading platform) for the week ending February 9, 2018. This figure surpasses the 2,004 BTC recorded in the previous week.

Last week’s volume amounts to the highest ever recorded in the country. In terms of VES, the country’s beleaguered fiat currency, 24 billion VES worth of Bitcoin changed hands during the period, an increase of 41 percent from the week ending February 2, 2019.

With the continued political, social, economic turmoil in the Latin American state, citizens continue to rely on Bitcoin and other cryptocurrencies for survival. The current stand-off in the political scene is sure to exacerbate further the already dire issues surrounding forex shortage and hyperinflation.

15 Percent Fee on Bitcoin Remittance

With Bitcoin trading volume soaring, state officials are getting into the action, introducing exorbitant fees on cryptocurrency remittance payments in the country.

According to the notice published on the Official Gazette 41581 on February 7, 2019, the National Superintendence of Cryptoactives and Related Activities of Venezuela (SUNACRIP) now oversees cryptocurrency-based remittance in the country.

SUNACRIP now has the power to set limits on cryptocurrency payments. An excerpt of the decree published by local crypto news media Criptonoticias, reads as follows:

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