Venezuelan Congress approved payment of tax for transactions with cryptocurrencies

The Venezuelan Congress approved a Bill for transactions with cryptocurrencies and transactions with dollars.

The bill contemplates a collection of up to 20% in tax to a person or company that makes a payment in dollars or cryptocurrencies, according to a local media report.

Although the bill implies that it only affects large transactions, in reality it will also affect the common Venezuelan, who uses foreign currency or crypto to protect himself from high inflation and to be able to make purchases or consumption.

The reform also indicates that “payments in currencies or with cryptoactives other than the official Venezuelan government cryptocurrency called Petro, must pay a tax between 2% and 8% for each transaction.

According to the president of Congress Jorge Rodríguez, the reason for this law reform is “to recover the country’s economy and macroeconomics, which can be seen in the facts that are: the exchange rate, the inflation percentage, and the growth percentage. of GDP”.

He adds that said legislation “will allow the State to receive the dollars pocketed by the rich and large merchants.”

Citizens do not agree with this Law

Many experts have spoken. Economist Gabriel Velásquez said that he considered the measure unwise, which points to a path with gaps, including affecting the purchasing power of the Venezuelan and the productive apparatus, reported Bloomberg.

For his part, the economist Leonardo Vera maintains that the government wants to generate a disincentive to see if people use more bolivars, a currency – by the way – that continues to be devalued day after day.