Venezuelan Government nods for the approval of New Tax for Cryptocurrency along with Foreign Currency Agreement

February 6, 2022

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The Venezuelan Government recently endorsed a new tax that will start impacting the agreements and revenues made with the cryptocurrency and foreign currency. The tax which is also known as the “large financial transaction” tax will encourage the nationwide currency which has weakened in this digital currency surroundings which mirror the current situation in Venezuela.

The proportion will be announced by the national government after the authorized publication of the law, in the meantime, it will acquire 2.5% on these expenses. The tariff ascertains that any transactions generated in foreign currencies or cryptocurrencies will have to pay up to 20% on each action. Aaron Olmos, a national economist says that the addition of virtual currency in this law interprets the significance of the currency engaged and dragged in the country. Around 65% of the undertakings are the tax transactions made using dollars in the country.

A Venezuelan economist, Jose Guerra further added that these steps will help the Venezuelans and solve most of the problems related to cash and encourage the process of savings. This will also bring to light the reality related to the creation of the black market and the consequences said the director of the Economic Knowledge Dissemination Centre in Venezuela. The traders may also negotiate outside the law motivated by tax burden.

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