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Venezuela to expand the adoption of cryptocurrency

By E.C.V. & ASOCIADOS - 01/09/2020

The Bolivarian Council of Mayors of Venezuela signed a tax harmonization agreement for 305 municipalities in the country with the aim of collecting payments of taxes through cryptocurrency.

"It is a simplification of procedures, making the State's administrative activity more efficient,” stated Vice President Delcy Rodríguez, who will be in charge of implementing a single registry of taxpayers through a digital consultation tool.

Launched in February 2018, the petro or petromoneda is a cryptocurrency issued by the government of Venezuela intended to supplement Venezuela's bolívar fuerte currency, as a mean of accessing international financing and backed by the country's oil and mineral reserves.

This year the government is promoting widespread use of the metro and on June 11, 20202, it was announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency. 

By E.C.V. & ASOCIADOS - 01/09/2020
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