Venezuela Implements New Tax Bill That Affects BTC

08.02.2022 21:59
by Nina Petrov
1 min read

According to reports, last Thursday was economically significant for Venezuela, since their National Assembly held a second discussion regarding the new legislation procedure which implies taxes on what they call “large financial transactions” using assets that include BTC.

The new tax bill was approved the very same day, as reported by the local media. This now means the residents would have to pay between 2% and 20% tax on any transactions with currencies issued elsewhere from the Bolivarian Republic of Venezuela. This includes USD, EUR, and any cryptocurrency.

Over the last decade, their local currency, El Petro, has lost over 70% of its value, thus this is an attempt of their Government to help their economy.

This year is appearing to be the one where countries are setting up taxes involving cryptocurrencies. First India, now Venezuela. What comes next?

Venezuela flag
Source: Unsplash

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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