Venezuela (Courtesy: News.Bitcoin.Com)
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Municipalities In Venezuela To Collect Tax In Cryptocurrency Petro

Venezuela (Courtesy: News.Bitcoin.Com)
Venezuela (Courtesy: News.Bitcoin.Com)

Cryptocurrency has captured a lot of sectors in the market and continues to grow. Their have been debit cards which support cryptocurrencies and recently in India, their are thoughts about bringing up blockchain-based voting system. By a lot of means cryptocurrency has ended the monopoly market.

Now taking a step forward in Venezuela, a national tax harmonization agreement has been signed by the council representing 305 municipalities. They have agreed the deal the cryptocurrency which is used in the country, the petro, for paying taxes.

The historic moment came after the Bolivarian Council of Mayors signed Venezuela’s National Tax Harmonization Agreement on Sunday. The 305 municipalities enlisted are among 335 in total, which are based in 23 states and the capital district.

The Vice President of the country called the move historic and said that the prohibition of collecting taxes and duties in foreign currency has been established because the unit of account for this tax is now the petro, local news outlet Ultimas Noticias conveyed.

The signing of the deal also marks the first time a municipal tax harmonization was agreed upon.

“This tax harmonization agreement, which we have reached after a great debate among the 305 Bolivarian mayors, is an unprecedented event in our country,” the Mayor Erika Farias commented.

Meanwhile Mayor José Alejandro Teran said that using cryptocurrency will be an innovative process which will help against hyperinflation, which he attributes to U.S. sanctions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.