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Crisis-torn Venezuela to Tax the Crypto, Sets Limits on Remittances

The government of Venezuela, where inflation reached 80,000% last year, decided to tax money transfers in cryptocurrency. The authorities also set limits on the maximum amount of transaction.


According to the National Superintendence of Crypto Assets and Related Activities (SUNACRIP), the maximum tax amount will be 15% of the amount transferred. The minimum commission is set at $0.28.

Under the new rules, citizens of Venezuela will be able to send 10 Petro per month, which is about $600 per US dollar. This sum may seem insignificant. But in terms of the national currency of a crisis-torn country, the limit will be about 149 million Venezuelan bolivars.

Simultaneously, residents will be able to send more cryptocurrencies. But for this, they will need to get a special permit from SUNACRIP. However, the authorities will not allow the transfer of more than 50 Petro per month. In terms of dollars, this is about $3,000. In national currency, this amount is equal to 745 million Venezuelan bolivars.

The new rules will be applied both to ordinary residents and businesses within the country.

For several years in a row, Venezuela, under the leadership of Nicolas Maduro, has suffered from the crisis. The IMF predicts that this year inflation in the country could reach 10 million percent. At present people do not have enough money for basic needs, which led to a wave of mass emigration from the country. In the last 4 years alone, over 2.3 million people have left Venezuela, and this figure is projected to reach 5 million in 2019.

Almost every day Venezuelans are protesting against Nicholas Maduro, who has led the country since 2013, demanding him to leave the presidency. In particular, residents claim that last year’s elections were rigged, which allowed Maduro to re-take the post. According to the Venezuelan opposition, Juan Guaido should become interim president. He was recognized by almost all the advanced democracies of the world, including the United States. Maduro, on the contrary, supported by dictatorial regimes like Russia, Turkey and Iran.  

4 months ago

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