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Venezuela starts regulating crypto remittances

12:49 PM February 11, 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
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