Venezuelan limit on cryptocurrency transactions deemed absurd

Cryptocurrencies continue to grow despite the myriad of setbacks the crypto market has faced In the last quarter of 2018 and the beginning of 2019. The price of almost every token resides on a very low point compared to the price a few months, even so, cryptocurrencies are far from being finished and will play an important part in future’s markets.

Many countries realize this and need to provide a legal framework for cryptocurrencies in order to achieve a healthy digital market sphere. Similarly, Venezuela has started regulating remittances being transferred through crypto tokens.

The authorities have restricted the amount that can be remitted in a month, and the authorities will charge almost fifteen percent (15%) of transferred remittances. The minimum commission charged per transaction is set to be 0.25 Euros. The limit is set at 10 PTR, Venezuela’s state-backed token that is said to be backed up by the natural resources of the country, e.g., gold, diamonds, oil, etc.

This move was widely criticized by both the residents of the state and crypto enthusiasts across the world. The move is considered to hinder to the growth of cryptocurrencies in the country, and many people are of the view that the country is trying to control them like fiat. Moreover, people believe that both the limit six hundred dollars ($600) and the commission taken by the government fifteen percent (15%) of total remittance are extremely absurd.

The country’s own crypto token PTR was not used in any domestic or international transaction last year according to investigations conducted.