Cryptocurrency News

Venezuela To Use Petro As A Way To Collect Payments Of Taxes & Sanctions.

Bolivarian Council of Mayors in Venezuela have signed the so-called “National Tax Harmonization Agreement” for 305 municipalities within the country, along with the Petro [PTR] as a way to collect payments of taxes and sanctions.

The cryptocurrency is becoming increasingly widely used as the results of new ongoing campaigns.

In line with the govt., the vice chairman of Venezuela, Delcy Rodríguez, will be responsible of implementing one single registry of taxpayers via a digital consultation tool.

She will also be responsible of making an information exchange and monitoring system for companies to record payments within the state cryptocurrency.

In Venezuela, there are 335 mayors, with 91% of them under the mandate of the United Socialist Party of Venezuela, PSUV. Solely 30 mayors are led by opponents of the regime of Nicolás Maduro.

The non-Maduro-supported municipal governments are continuing to gather tax payments within the Venezuelan fiat currency, Bolívar, as some don’t have the acceptable technology to process Petro payments.

Vice President Rodríguez commented within the announcement:

“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 within the productive and commercial areas, framed during this week of flexibility that began on Monday.”

In line with a recent official announcement on 11th June, the Venezuelan govt revealed that nearly 15% of all fuel payments at petrol stations across the country were processed using the Petro [PTR]. This rise comes during the primary week of the new state-backed plan to promote global use of the token.

As per the reports from native media outlets, 40% of the PTR transactions were processed via the foreign petrol stations.

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