The Venezuelan government has approved a new bill “Large Financial Transaction” that will affect payments using both cryptocurrencies and foreign currencies.
The bill, filed on January 20th, states that transactions made with either cryptocurrencies or foreign currencies will be taxed from 2% up to 20% per movement[1]https://www.bancaynegocios.com/impuesto-a-las-grandes-transacciones-incentivaria-el-comercio-informal-afirma-oscar-torrealba/, depending on who is moving the money and why they are doing so.
The current percentage lies at a mere 2.5%, although this is still the first application of the bill. Once the law is published, the official tax will be stated by the national government.
The reasoning behind the bill is to incentivize the use of the Venezuelan Bolívar, which has lost over 73% of its value in the last year.[2]https://www.aljazeera.com/economy/2021/10/1/venezuela-introduces-new-currency-drops-six-zeros
“it is necessary to guarantee at least equal or more favorable treatment for payments and transactions made in national currency or in cryptocurrencies or cryptoactives issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.” the bill states
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