• February 27, 2024

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Venezuela to Introduce Tax on Cryptocurrency Transactions

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The National Assembly of Venezuela has recently approved the introduction of a tax on transactions in foreign fiat currencies and any digital assets, with the exception of Petro.

According to the new law, individuals and legal entities must transfer to the treasury up to 20% of the amount of the crypto transfer. The amount of the tax fee will depend on two factors: the sender and the purpose of the payment.

Venezuelan economist José Guerra believes the tax on operations with digital assets will hit the pockets of citizens who buy coins and tokens to save their savings. Last year, the inflation rate in the South American state reached 686.4%, so the popularity of cryptocurrencies as a means of savings does not surprise anyone. He said:

“Foreign fiat currencies have solved some of the problems associated with cash, reserves of valuable assets and savings of every inhabitant of the country. Cryptocurrencies also helped eliminate some of the difficulties. Having made the decision to introduce a tax, the authorities gave preference to some means of payment, putting others at a disadvantage.”