The Venezuelan government has approved a new tax that will apply to transactions and payments made using digital as well as foreign currencies.
The “tax on large financial transactions” approved by the National Assembly of the country is aimed at updating the national currency. According to the authorities of the South American country, the Venezuelan bolivar has become less popular in recent years against the backdrop of the popularity of digital currencies.
The tax establishes that for any payments or transactions using cryptocurrencies and foreign currencies, citizens and companies must pay a tax of 20%. The authorities of the country recognize the importance of cryptocurrencies as a means of payment, but the main purpose of the law, according to experts, is the US dollar.
Transactions made using the dollar account for 65% of all payments in the country. Venezuelan economist Jose Guerra noted that the bill would “hit the pockets” of the country’s citizens who use foreign or digital currencies to store savings.
“It must be admitted that foreign exchange, and to some extent cryptocurrencies, solved the problems with cash and the estimated reserve in the country, and helped people to safely store their savings. The new bill gives priority to one means of payment over another,” Guerra said.
Recall that in October last year, the leadership of the Maiquetia International Airport in Venezuela announced that the airport would accept BTC and DASH, as well as the state digital currency Petro to pay for air tickets.
Source: Bits
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