“Oxidation” refers to VeraCash accounts which have been inactive for more than six sliding months. The associated fee is designed to encourage the circulation of VeraCash money on members’ accounts.
An oxidation fee of 0.02% per day is applied to any account which is left inactive for six months, until there is new activity on the account. To avoid this fee, simply perform a transaction on your account.
Which transactions stop oxidation?
- Crediting your account with at least €1;
- Debiting your account (withdrawal or payment using the VeraCash payment card or resale by phone) at least €1;
- Sending or receiving at least €1 worth of precious metals to/from another member;
- A verified referral.
Why do you charge inactivity fees?
In order to grow, VeraCash needs to prove that gold and silver are dynamic materials which can serve as cornerstones to the real economy. Just like currency. As a result, inactive – or dormant – accounts which are not in line with VeraCash’s ambitions are very costly to the company: as a reminder, there is no charge to you for the storage precious metals in vaults in a free zone.
How will I know if my account is about to become inactive?
Two reminder emails will be sent to you, 30 and then 15 days before the beginning of your account’s oxidation (dormancy).