Venezuela Launches New Cryptocurrency Transfer Service
Last week, the government of Venezuela launched a new cryptocurrency remittance service called Patria that allows people from anywhere in the world to send Bitcoin (BTC) and Litecoin (LTC) to the residents of that country, Cryptoglobe reports.
The federal government of Nicolas Maduro has began providing a cryptocurrency remittance service. The Superintendency of Cryptoassets and Associated Actions (Sunacrip), the primary regulator of all crypto actions in Venezuela, introduced the launch of the service on its Patria platform final week.
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 allow the user to receive a maximum of cryptocurrency equivalent to 10 petros per month [in bolivars].” However, with specific approval by Sunacrip, the recipient can receive up to “the equivalent in euros of fifty (50) petros.”
To use Patria, the sender must specify an email address. The system will send to this email address a one-time access code. Once the sender has logged into Patria, he will be asked to give his name, date of birth, and country of residence.
“The code sent is a one-time password … a new one will be sent each time that it is required to access the remittance system,” the Patria web site particulars. Upon getting into the system, the sender shall be prompted to enter their first and final title, date of delivery and nation of residence. The sender will then be requested to enter the nationwide identification quantity and date of delivery of the recipient.
The exchange rate of the cryptocurrency sent “will depend on the date and time of the transfer” which will be determined based on its value in euros shown on the Patria website, Venezuela TV described. Its value in bolivars will be determined based on the official rate published by the Central Bank of Venezuela (BCV).