Connect with us

Altcoins

Petro and Venezuela: Sunacrip starts regulating and taxing cryptocurrency remittances

Akash Anand

Published

on

Petro and Venezuela: Sunacrip starts regulating and taxing cryptocurrency remittances
Source: Unsplash

Venezuela and its tryst with the field of cryptocurrencies has been ongoing for a long time now and with the advent of Petro and the passing of stringent laws surrounding it, it looks like updates about crypto will continue to occur.

The latest development from Venezuela is that the country has started regulating and taxing cryptocurrency remittances. The regulator, the National Superintendency of Crypto Assets and Related Activities or Sunacrip has set a monthly limit for remittances and will be collecting commissions of up to 15 percent of the transaction amount. One of the official decrees stated:

“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.”

Reports from within Venezuela have also said that the Sunacrip’s minimum commission rates are “equivalent to 0.25 euros per transaction”. The regulation also claims that Sunacrip now has the vested power to control key factors of the remittances. This includes establishing the remittance limits, specifying tariffs, setting values of cryptocurrencies in sovereign bolivars and requesting data from the issuers and receivers involved in the transactions.



Sunacrip was also in the news recently on February 4, when a decree establishing a legal framework for cryptocurrencies in Venezuela came into force. The release was called the “Constituent Decree on the Integral System of Crypto Assets”, which included 63 articles split into different sections. The Superintendent of Sunacrip even tweeted:

“Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575.”

The remittance market being controlled by Sunacrip has not gone down well with the general public of the opinion that it is “the most absurd thing that anyone has ever seen”. Others voiced their disdain by stating that the new framework, as well as the centralized control of Sunacrip, actually hinders the mainstream adoption of cryptocurrencies.





Subscribe to AMBCrypto’s Newsletter


Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

Published

on

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending