The Venezuelan Government backed by Nicolas Maduro launched a cryptocurrency remittance service called “Remesas.” The new service will allow citizens to transfer bitcoin (BTC) and Litecoin (LTC). It will run on the Patria platform that is directly controlled by the country’s Crypto regulator – Superintendency of Cryptoassets and Related Activities (Sunacrip), as Blockmanity reports.
“Remesas is a service of the Patria Platform that allows you to send remittances to Venezuela in Cryptocurrencies. The resources sent will be available in Sovereign Bolivars in the Monedero Patria as soon as the transfer is confirmed,” states their website.
The service falls under the Maduro regime, in which transactions can be disabled at any time. The platform will deduct a fee of up to 15% for facilitating the transactions. The service also has several restrictions on the amount that can be withdrawn, while the exchange rates are determined by the Central Bank of Venezuela (BCV).
The Remesas platform enables individuals living abroad to settle payments with recipients in the Bolivarian Republic of Venezuela. The recipient must register with the Patria platform to receive payments and should be of legal age.
“The system will allow the user to receive a maximum of cryptocurrency equivalent to 10 Petros per month [in bolivars],” according to sources associated with the country’s local media.
A one-time password or a security code will be sent to the sender’s email address for logging into the platform. For the user to access the remittance system, they must first provide the necessary credentials of the recipient. It’s reported that the average time for executing the payment is 34 minutes for Bitcoin and 11 minutes for Litecoin.