Venezuelan government It has approved a new tax law that aims to tax up to 20% on crypto transactions, according to local media reports.
Venezuela’s National Assembly did.manageSecond Debate for New Bill Targeting Taxes in “Large financial transactions” in cryptocurrencies such as Bitcoin (BTC)
It is reported that the Venezuelan government hasapproveThe law was drafted last Thursday. It requires local companies and individuals to pay taxes of up to 20% on their operations in cryptocurrencies and foreign currencies such as the US dollar.
Back on January 20, the draft lawThe goal is to keep 2%-20%. from transactions in currencies other than those issued by Venezuela’s Bolivar and the country’s digital currency El Petro.
this initiative It is intended to incentivize people to use the national currency. which is reported to haveloseThe value was over 70% in the last year alone. and lost almost all of its value in the past decade.
Bitcoin adoption in Venezuela has skyrocketed in recent years. Thousands of local businesses are turning to cryptocurrencies to survive severe inflation. By October 2021, the main international airport in Venezuela is preparing to begin accepting cryptocurrencies such as BTC to pay for tickets and other services
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