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\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The country has been experiencing frequent blackouts, particularly since 2019, severely affecting residents' daily lives and overall economic activities.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The ministry stressed the importance of providing efficient and reliable electrical service throughout Venezuela by eliminating the burden caused by these high-energy-consuming farms. Officials stated that these measures are crucial to stabilizing the national power supply, which has been unstable for the past decade.<\/p>\n\n\n\n

The country has been experiencing frequent blackouts, particularly since 2019, severely affecting residents' daily lives and overall economic activities.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

According to a post <\/a>by Venezuela\u2019s National Association of Cryptocurrencies on X, cryptocurrency mining is now prohibited in Venezuela. This move comes after a recent crackdown where 2,000 cryptocurrency mining devices were confiscated in Maracay as part of an anti-corruption drive.<\/p>\n\n\n\n

The ministry stressed the importance of providing efficient and reliable electrical service throughout Venezuela by eliminating the burden caused by these high-energy-consuming farms. Officials stated that these measures are crucial to stabilizing the national power supply, which has been unstable for the past decade.<\/p>\n\n\n\n

The country has been experiencing frequent blackouts, particularly since 2019, severely affecting residents' daily lives and overall economic activities.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Venezuela\u2019s Ministry of Electric Power has announced <\/a>plans to disconnect cryptocurrency mining farms from the national grid. This decision is aimed at regulating excessive energy consumption and ensuring a stable power supply for the general population.<\/p>\n\n\n\n

According to a post <\/a>by Venezuela\u2019s National Association of Cryptocurrencies on X, cryptocurrency mining is now prohibited in Venezuela. This move comes after a recent crackdown where 2,000 cryptocurrency mining devices were confiscated in Maracay as part of an anti-corruption drive.<\/p>\n\n\n\n

The ministry stressed the importance of providing efficient and reliable electrical service throughout Venezuela by eliminating the burden caused by these high-energy-consuming farms. Officials stated that these measures are crucial to stabilizing the national power supply, which has been unstable for the past decade.<\/p>\n\n\n\n

The country has been experiencing frequent blackouts, particularly since 2019, severely affecting residents' daily lives and overall economic activities.<\/p>\n\n\n\n

See Related:<\/em><\/strong> South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

Other Countries' Approaches<\/h2>\n\n\n\n

Some countries, such as China and Kazakhstan, have responded to the high electricity demands of cryptocurrency mining by implementing strict regulations or outright bans on the practice.<\/p>\n\n\n\n

On the other, Oklahoma just recently legalized crypto mining in homes as long as it complies with the noise policy. This includes operating nodes for operations like staking.<\/p>\n","post_title":"Venezuela Cracks Down On Crypto Mining To Save Electricity","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"venezuela-cracks-down-on-crypto-mining-to-save-electricity","to_ping":"","pinged":"","post_modified":"2024-05-20 04:44:44","post_modified_gmt":"2024-05-19 18:44:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=16985","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":3404,"post_author":"1","post_date":"2022-02-07 22:13:14","post_date_gmt":"2022-02-07 11:13:14","post_content":"\n

The Venezuelan government has approved a new bill \"Large Financial Transaction<\/a>\" that will affect payments using both cryptocurrencies and foreign currencies. <\/p>\n\n\n\n

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((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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The reasoning behind the bill is to incentivize the use of the Venezuelan Bol\u00edvar, which has lost over 73% of its value in the last year.((https:\/\/www.aljazeera.com\/economy\/2021\/10\/1\/venezuela-introduces-new-currency-drops-six-zeros)) <\/p>\n\n\n\n

\"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<\/a> states<\/p>\n","post_title":"New Venezuelan Bill Collects 20% Tax On Cryptocurrency","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"new-venezuelan-bill-collects-20-tax-on-cryptocurrency","to_ping":"","pinged":"","post_modified":"2022-02-07 22:15:25","post_modified_gmt":"2022-02-07 11:15:25","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3404","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Follow The Distributed

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Venezuela

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