According to an all-new decree released by the Venezuelan government recently, the nation’s financial regulator has started overseeing “cryptocurrency remittances” within its borders.
To be more specific, we can see that the regulator has defined a “fixed monthly limit on individual crypto transactions” for interested users. Not only that, but the governing body will also be taking up to 15 percent of each transfer as commission.
More On The Matter
As per an all-new statement released by the National Superintendency of Crypto Assets and Related Activities (Sunacrip) (Venezuela’s primary regulatory body), all of the aforementioned regulations in regards to crypto-based remittances have already come into effect.
For those of our readers who may be interested, the associated decree enacting this regulation was published in the country’s Official Gazette No. 41.581.
In regards to the matter, a spokesperson for Sunacrip was recently quoted as saying:
“The requirements and procedures for the sending and receiving of remittances in crypto assets to natural persons in the territory of the Bolivarian Republic of Venezuela,”
Additionally, the decree also goes on to state:
“ The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance. The minimum commission Sunacrip charges is “equivalent to 0.25 euros [~$0.28] per transaction,”
Other Key Points of Emphasis
According to the decree, Sunacrip will now possess the power to create remittance limits as well as set values for cryptocurrencies in sovereign Bolivars.
- Sunacrip will also have the ability to establish tariff fees and request data from the transactors (as and when required).
- The monthly limit for sending remittances has been set at a fixed rate of 10 Petros(PTR).
- In certain special cases (i.e. where Sunacrip’s official endorsement has been procured), users will be able to sanction a monetary transaction worth 50 PTR ($3,000).
The Public Voices its Opinion On The Matter
As soon as Sunacrip made it’s the latest announcement, a whole host of people took to Twitter to express their opinions in regards to the new rules and regulations.
For example, one Twitterati was quoted as saying that the new framework was not only absurd but also “outright illegal”. Similarly, another user stated:“Instead of promoting the adoption of crypto assets, [they] are trying to centralize something which by its very nature in against this principle.”
Lastly, Ramirez Joselit, the head of Sunacrip, released a statement a week back stating that all of the above-stated regulations in relation to the “Integral Registry of Services in Crypto Assets [Risec]” have come into effect via Official Gazette Number 41.578.
In closing out this article, it should be mentioned that the Venezuelan Ministry of Popular Power for Communication and Information recently posted a circular on its official website which read:“Natural, legal, public and private persons, communal councils and other organizations of the People’s Power that intend to carry out activities related to the Integral System of Crypto Assets may be registered.”
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Forbes releases newsletter dedicated to crypto targeting potential investors
Forbes released new premium newsletter dedicated to cryptocurrency and blockchain.
Forbes doesn’t seem to get enough crypto. The media giant gets deeper with the nascent technology with their new service, Forbes CryptoAsset & Blockchain.
The new premium-subscription digital newsletter contains in-depth coverage of blockchain, as an effort to establish Forbes as a prominent voice in the field.
According to Media Post, investor and co-author of CryptoAssets: The Innovative Investor’s Guide to Bitcoin and Beyond, Jack Tatar has been appointed as the editor.
While the contributors will be Forbes’ stable journalists that will interview notable figures in crypto space, such as Ripple’s CTO David Schwartz, cofounder and CEO of Zcash, Zooko Wilcox, and Morgan Creek Capital’s Mark Yusko.
“This newsletter is geared toward educating potential investors in blockchain and crypto, and the goal is to provide actionable and profitable advice,” said Matt Schifrin, VP and managing editor of Money & Markets at Forbes.
Despite its premium price, which is set at $595/year or $195/quarter, Forbes’ Senior VP of consumer marketing and business development, Nina La France claimed the early response as “solid”.
Speaking about future publishing plan, Schifrin reveals that Forbes will publish its first-ever Forbes Blockchain 50 list that covers most prominent firms in the crypto space in the coming months.
Is the list something worth waiting for? Stay with Chepicap to find out.
In the meantime, checkout Chepicap’s YouTube channel to find out about the current crypto market state.
Investment portal, TradingView launches premium crypto dashboard at 0.09BTC
TradingView, the investment portal just launched its very own Crypto Dashboard.
The platform known for its exhaustive and real-time information on everything related to trading and investment, TradingView just launched its crypto specific portal.
The crypto dashboard provides data from 25+ crypto exchanges, such as Binance, Bitfinex, Bithumb, BitMEX, BittrexCEX.io and Coinfloor.
The new platform aims to “equip” crypto traders with all things important to nail the trading activities, such as 25 technical indicators on a single chart, unlimited chart layouts and watchlists, 200 server-side alerts and the capability to connect 5 devices at the same time.
The “trading power” is offered in their premium plan that costs 0.09 Bitcoin/year, which the website says as a good deal as it means the lower the Bitcoin price, the higher the discount.
However, that also means that when the bull comes, it wouldn’t be that affordable to many people. Hopefully by then, TradingView would revise their pricing for the benefits of all parties.
The question is, when will the bull come? Check out Chepicap’s YouTube channel to get an idea about the current crypto market state.