Venezuelans Will Be Able to Pay Taxes with El Petro

Kataryna Kovtun August 12, 2020

Venezuelans will be able to pay taxes with El Petro digital currency.

The Bolivarian Council of Mayors of Venezuela has signed an agreement according to which citizens will be able to pay taxes in the national digital currency El Petro, according to the government website.

To account for taxpayers using the currency, a separate register will be created under the leadership of Vice President Delsey Rodriguez.

“This is a simplification of procedures that makes the work of the state for the benefit of people more efficient,” she said.

Rodriguez will also set up a digital currency payment accounting system for local businesses.

The agreement was signed by 305 of the 335 municipalities of Venezuela. The regions ruled by representatives of opposition parties came out against. In these regions, taxes will continue to be levied in bolivars as they do not have the necessary technology to process payments in El Petro.

Recall that a number of Venezuelan enterprises were obliged to make transactions in El Petro, after which President Nicolas Maduro announced that a new system of salaries and prices, tied to the national cryptocurrency, would operate in the country.

In April, the authorities announced plans to distribute 650,000 coins to small and medium-sized businesses in the agribusiness sector.

In June, the United States opened a hunt for El Petro administrator Ramirez Camacho, who is on the list of the most wanted criminals.

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