Venezuela to Collect Taxes Through Cryptos
Main page News, Venezuela, Petro, Cryptocurrency
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Aug. 12, 2020

The Petro, the national crypto launched by the Venezuelan government back in 2018, will soon be used to collect taxes in the country.

According to the government, the currency, which is backed by oil barrels with a rate of 1:1, has been launched to help stimulate the country's battered economy.

The decision to use the crypto to collect taxes has been taken after the majority of the country's mayors have agreed to join the plan launched by the government aimed at boosting the adoption of Petro.

According to the government, Delcy Rodríguez, Venezuela's vice president, will be in charge of implementing a single register of taxpayers through a digital consultation tool.

There are currently 335 mayors in Venezuela, of which 91% are under the mandate of the United Socialist Party of Venezuela. As a result, only 30 mayors are led by opponents of the Nicolás Maduro's regime.

The latter have decided to keep collecting taxes with the country's fiat currency, the bolivar, as some do not have the technological infrastructure required to switch to the Petro.

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