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Venezuela starts regulating crypto remittances

13:49 11 February 2019

Summary:

  • The Venezuelan government begins regulating and taxing crypto remittances

  • The first cryptocurrency ATM in the Philippines launched by the one of the largest commercial banks

  • Ripple bulls are not doomed to failure until the price hovers above the crucial trend line

The beginning of the new trading week on the cryptocurrency market is bringing notable losses in Litecoin, which is trading roughly 4% down at the time of writing. Other digital currencies are also in a retreat, losses in case of Ethereum or Bitcoin are less severe though. Today we would like to focus on two interesting topics. The first one has come from Venezuela while the second from the Philippines.

Over the recent months Venezuela has taken efforts to implement its own cryptocurrency into the real economy in order to allow inhabitants to make remittances, payments and so on as its original currency, bolivar, has been affected by gargantuan inflation. Now, the Venezuelan government has announced that it begins regulating cryptocurrency remittances. According to a decree published by the National Superintendency of Crypto Assets and Related Activities (Sunacrip) on Friday “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.” Moreover, Sunacrip will now be allowed to “establish the remittance limits, set values of virtual currencies in sovereign bolivars, specify tariffs and request data from the issuers and receivers involved in the transactions”, as a local new outlet reports. Note that a monthly limit for sending a remittance without a Sunacrip endorsement is set at 10 petros being an equivalent of $600. In turn, a maximum level is set at $3000, hence if a remittance falls between these two sums, then Sunacrip needs to authorize the transaction.

Ripple keeps struggling around its important trend line. After drawing the two bullish engulfing patterns the pair has been unable to move higher. Therefore, the price may be susceptible to a fall below the orange trend line unless a breakout above $0.35 occurs. Source: xStation5

Union Bank of the Philippines, one of the largest commercial banks in the country, has launched recently the first crypto ATM in the Asian country. As the bank wrote in an official statement, the purpose of the ATM is to provide local users an easy way to convert cryptocurrency to fiat and vice versa. It needs to be added that people may buy and sell their digital currencies using the ATM. The commercial bank also informed that its crypto ATM had been also approved by the central bank, the institution Union Bank of the Philippines was working with over the past several years.

After the surge Litecoin saw last week the price is correcting today. However, from a technical point of view the cryptocurrency could keep heading north having a strong support nearby $40.8. Source: xStation5

This content has been created by X-Trade Brokers Dom Maklerski S.A. This service is provided by X-Trade Brokers Dom Maklerski S.A. (X-Trade Brokers Brokerage House joint-stock company), with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. X-Trade Brokers Dom Maklerski S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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