Cryptocurrency tax in Venezuela

The Bolivarian Council of Mayors of Venezuela signed the so-called "National Agreement on Tax Harmonization" for 305 municipalities in the country. Sanctions and taxes will be paid in the national cryptocurrency Petro (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 registry with a digital consulting tool.

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

There are 335 mayors in Venezuela, and 91% of them are under the mandate of the United Socialist Party of Venezuela, or PSUV. Only 30 mayors are led by opponents of Nicolás Maduro's regime.

Municipal governments that did not receive support from Nicolás Maduro continue to collect taxes in the Venezuelan fiduciary currency, the Bolívar, because some of them do not have the appropriate technology to process payments in the Petro.

Vice-President Rodríguez commented on this in a communiqué:

"It is precisely the simplification of procedures, the streamlining of state administration at the service of citizens, sectors of the economy that stimulate economic activity in manufacturing and commercial areas, as part of this week of flexibility, which began on Monday."

On June 11, the Venezuelan government announced that nearly 15% of all fuel payments at gas stations nationwide are made with the Petro (PTR). The increase came in the first week of a new state plan aimed at promoting widespread use of the token.