Cryptocurrency

SatoshiTango announces transfers and exchange of cryptocurrencies in Venezuela

Key facts:

The users can withdraw funds directly into your bank account.You can add funds with BTC, ETH, BCH, DAI, XRP and LTC.The platform of exchange argentina SatoshiTango launched a new service of international money transfers. With this method, users of Latin american and european countries can send funds with cryptocurrencies to people in other countries that they can sell locally and directly transfer to your domestic bank account.Then, this Friday, march 20, announced by the same means the arrival to the venezuelan market. Through a pair of tweets, the platform stated that users from different countries could send money to people in Venezuela. These users, in addition, they can withdraw their funds directly in bolivars sovereign, local currency.In the service of transfers are included countries such as Venezuela, Chile, Argentina, or Spain, and other nations of both continents. Last march 16, through Twitter, the platform of argentine origin reported that its users could send dollars and euros through SatoshiTango.

Venezuelans can receive money from Argentina, Brazil, Chile, Peru, as well as Spain and other countries of the European Union, as can be seen through the website of SatoshiTango. In the same vein, the company reported that venezuelans will be able to withdraw those funds via any national bank, by wire transfer.In the case of european countries, it is only possible to recharge balance to the platform by cryptocurrencies. The portfolio of SatoshiTango covers bitcoin, ether, ripple, bitcoin, cash, litecoin and stablecoin DAI.Latin american countries also can be recharged with bank transfers, while Argentina and Chile have with other additional methods. In the case of argentina, these methods include MercadoPago and transfer from bank accounts of third parties. It is the only country that permits payments such as these.

Limits and restrictions

It is not clear if there are limits to the international transfer or the rate of reference used for the conversion. However, in the case of the euro, we were able to verify that the platform takes an equivalence of SEE 74.737 for each euro. This rate is slightly below the issued by the Central Bank of Venezuela, which at the close of this Friday, was set in you SEE 75.923.From Breaking News attempted to contact representatives of SatoshiTango, but up to the time of this article’s publication, no response has been received.What is seen directly in the platform is that the users must be verified by KYC (Know Your Customer) to be able to perform these operations, in addition to the purchase-sale of cryptocurrencies and gift cards that are on the platform. Among the data that must be provided by the users, highlighting your identity document, as well as verification of your residence by using a payment receipt or certificate issued by the venezuelan State.

Remittances, one of the uses badge of bitcoin in Venezuela

Let us remember that in the midst of the economic situation of venezuela, the inhabitants of the south american country have been found in bitcoin and other cryptocurrencies a method to guard against hyperinflation. In part, thanks to the remittances sent by family outside the country.So, Venezuela has reached a level of commerce that stands on the site of P2P LocalBitcoins. Particularly, the remittances were shown to be an important use when a series of blackouts that lived in Venezuela in 2019 coincided with troughs in the levels of trade in the platform.In terms of SatoshiTango, the new service is in addition to the launch at the end of February of the trading with leverage for bitcoin and other cryptocurrencies that are used in the platform.