Bitcoin might soon be used to pay taxes in Venezuela

Venezuela continues to push for the use of Petro through an agreement that the coin will be used to collect taxes. Venezuela’s authorities have gone to great lengths to promote the use of Petro, the country’s oil-backed cryptocurrency. But despite the hyperinflation that has made life in the country incredibly difficult for years, citizens still refuse to switch to this particular coin.

The country’s vice president, Delcy Rodríguez, is leading the campaign and also the launch of the new information exchange and monitoring system that allows companies to pay taxes in cryptocurrency. Rodríguez said:
“It is the simplification of procedures that makes the administrative activity of the state in the service of the people, the economic sectors that stimulate economic activity in the areas of production and trade, more efficient.”

Is Petro the Future Currency in Venezuela?
The Bolivarian Council of Mayors in Venezuela recently decided to sign the so-called “National Tax Harmonization Agreement”. The deal would make Petro the official vehicle for collecting sanctions and tax payments in all 305 municipalities in the country. With the new campaigns, Petro is already being used more than ever, and the chances are that the new change will increase that use. As far as is known, the country’s Vice-President Delcy Rodriguez will be tasked with establishing a unified register of taxpayers through a new digital consultation tool. In ad
dition, it will also have to work on the creation of a monitoring system and information exchange to support companies operating in the country.