• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Industry / Venezuela Plotting to Levy Taxes Through Oil-Backed Petro Cryptocurrency
Venezuela Plotting to Levy Taxes Through Oil-Backed Petro Cryptocurrency

Venezuela Plotting to Levy Taxes Through Oil-Backed Petro Cryptocurrency

August 12, 2020 by Arnold Kirimi

The Bolivarian Council of Mayors in Venezuela agreed to sign the “National Tax Harmonization Agreement” which incorporates oil-backed petro cryptocurrency as a means to raise taxes and sanctions. The new move has led to broader adoption and use of the state-issued cryptocurrency.

The government has also revealed that the Vice President of Venezuela, Delcy Rodríguez, will oversee the execution of a single taxable person registry through a digital consultation tool. In addition, she will supervise the creation of a data tracking and exchange network for firms to record tax payments through the oil-backed petro cryptocurrency.

Some municipal governments lack means to collect taxes in petro cryptocurrency

Notably, the South American nation has a total of 335 mayors in which more than 90 percent are under the United Socialist Party of Venezuela, led by President Nicolas Maduro. Only 30 mayors are under the opposition regime in Venezuela. The municipal governments led by anti-Maduro mayors are still levying taxes in the Venezuelan domestic currency, Bolivar. Most of these municipalities do not possess the necessary technology to collect taxes in petro cryptocurrency.

Commenting on the new move, the vice president stated:

“It is the simplification of procedures, making the State’s administrative activity at the service of the people more efficient, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that began on Monday.”

Maduro still pushing for greater petro adoption

According to sources, Venezuela’s government recently revealed more than 15 percent of all fuel payments; petro cryptocurrency is used to settle at gas stations in the South American nations. The government has introduced subsidies for every person who pays at petrol stations using the state-issued token. In addition, a Ultimas Noticias report suggests that 40 percent of petro transactions went through petrol stations overseas.

Over the past few years, Venezuela has undergone severe inflation that has resulted in economic distress. The government introduced the petro cryptocurrency, backed by oil mined in the country, to counter hyperinflation. Back then, the cryptocurrency market was at its pinnacle, however, the country is facing severe trade sanctions on allegations of corruption within its government. The head of the state-backed crypto was recently listed on the FBI’s most-wanted list.

Filed Under: Industry Tagged With: Nicolas Maduro., Petro, venezuela crypto, Venezuela government

Primary Sidebar

Recent Posts

  • Turkey’s Opposition Leader Calls Out Government’s Untimely Crypto Ban April 17, 2021
  • Litecoin [LTC] To Encounter A Small Blip Before Its Big Breakout April 17, 2021
  • MoneySense launches Campaign to raise public awareness on the perils Of Crypto Scams and online trading April 17, 2021
  • Turkish Central Bank To Impose Ban On Cryptocurrency Payments April 16, 2021
  • Dogecoin [DOGE] Climbs Up the Crypto Ladder to the 8th Spot April 16, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.