The Constitutional National Assembly of Venezuela approved amendments to the laws, designed to strengthen the national cryptocurrency Petro.
Gerson Hernandez, head of the business sector development department and member of the Commission of Diversified and Productive Economy, said that the current lawmaking process is aimed at developing the Program for Recovery, Growth and Economic Prosperity promoted by the head of state.
According to him, due to the fact that the Constitutional Assembly of Venezuela adopted amendments to the law on money laundering, from now on the country has legislation to encourage investment in the Venezuelan economy, and foreign exchanges, including cryptocurrency, can legally operate in the country.
Also, Hernandez told reporters that the main purpose of lawmaking is to provide greater support to the business sector, so that merchants can invest and carry out transactions in cryptocurrency, avoiding international sanctions that restrict the financial and economic development of Venezuela.
Hernandez said:
'With this mechanism, all doors are open to export in the international market and also minimize imports."
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