Venezuela Cryptocurrency Tax

Venezuela's Bolivarian Council of Mayors has signed a so-called "National Tax Harmonization Agreement" for 305 municipalities in the country. Sanctions and taxes will be paid in the domestic Petro cryptocurrency (PTR).

As a result of the new campaign, the use of cryptocurrencies is becoming more and more common.

According to the government, Venezuela's vice president, Delcy Rodríguez, will be responsible for implementing a single taxpayer register through a digital consultation tool.

He will also be responsible for creating an information exchange and company monitoring system to record payments in the state cryptocurrency.

Venezuela has 335 mayors, and 91% of them are mandated by the United Socialist Party of Venezuela, the PSUV. Only 30 mayors are led by opponents of the Nicolás Maduro regime.

Municipal governments, which did not receive support from Nicolás Maduro, continue to collect taxes in Venezuelan fiducjarnerj, bolivar, as some of them do not have the appropriate technology to process payments at Petro.

Vice-President Rodríguez commented on this in a press release:

"It is precisely the simplification of procedures, the streamlining of the administrative activity of the state at the service of the citizens, sectors of the economy that stimulate economic activity in the areas of production and trade, in this flexibility week, which started on Monday."

On June 11, the Venezuelan government announced that nearly 15% of all fuel payments at filling stations across the country are made with Petro (PTR). This increase took place in the first week of the implementation of the new state plan aimed at promoting the widespread use of this token.