Crypto

Venezuelans are Reportedly Subject to a New Bitcoin Tax of up to 20%

Bitcoin adoption has increased in Venezuela in recent years, owing to hyperinflation and the country’s currency crisis.

According to local media, the Venezuelan government has approved a new tax bill that would levy up to a 20% tax on cryptocurrency transactions.

The Venezuelan National Assembly held the second discussion session of a new bill aimed at taxing “large financial transactions” in cryptocurrencies such as Bitcoin on Thursday (BTC).

According to reports, the Venezuelan government approved the bill last Thursday, requiring local businesses and individuals to pay up to 20% in fees for transactions involving cryptocurrencies as well as foreign currencies such as the US dollar.

The bill, which was introduced on January 20, seeks to levy a 2% to 20% tax on all transactions in currencies other than those issued by the Bolivarian Republic of Venezuela, or the Venezuelan bolivar, and El Petro, the country’s oil-backed cryptocurrency

The initiative’s goal is to encourage the use of the national currency

The Initiative aims to promote the use of the national currency, which is said to have lost more than 70% of its value in a single year and nearly all of its value over the last decade.

“It is necessary to ensure that payments and transactions made in national currency or crypto-currencies or crypto-assets issued by the Bolivarian Republic of Venezuela are treated equally or more favorably than payments made in foreign currencies,”

the bill states.

As previously reported by TBEN, Bitcoin adoption in Venezuela has skyrocketed in recent years, with thousands of local businesses turning to cryptocurrency to survive amid hyperinflation. In October 2021, a major international airport in Venezuela planned to begin accepting cryptocurrencies such as Bitcoin (BTC) as payment for tickets and other services.

Spread the love
partyush goyal

Share
Published by
partyush goyal

Recent Posts

10 Tools to Detect AI-Generated Content

In an era where artificial intelligence (AI) has made remarkable strides, it has also ushered…

6 months ago

Embracing the Era of Blockchain Payment Revolution

In the swiftly evolving landscape of financial technology, one term has consistently held its ground…

6 months ago

What is Aribot Threat Modeling Tool?

Aribot's Automated Threat Modeling solution seamlessly integrates with your existing CI/CD pipeline, harnessing the power…

6 months ago

Unveiling the Top Fashion NFTs Redefining Digital Couture

Check out the some notable examples of Top fashion NFTs (Non-Fungible Tokens) that gained attention…

7 months ago

Fashion NFTs in 2023: Redefining Style and Ownership

In the realm of fashion NFTs, where rapid technological progress meets shifting consumer preferences, the…

7 months ago

Unlocking Creativity: Top Free AI Tools

In an era driven by technology, artificial intelligence (AI) has become a game-changer in various…

7 months ago

This website uses cookies.