Venezuela Mulling Over Collecting Taxes In Digital Assets

The mayors of Venezuela have decided to become a part of the government’s proposal to further expand the espousal of the national cryptocurrency Petro in spite of some municipalities lacking the requisite technology to handle it.

Recently, the Bolivarian Council of Mayors in Venezuela signed an agreement dubbed “National Tax Harmonization Agreement” for three hundred and five municipalities in the nation. This includes Petro as a means to amass taxes and sanction related payments.

The government is planning to enforce an exclusive registry of taxpayers via a digital consultation tool. The Vice President of Venezuela, Delcy Rodríguez will be in charge of forming an information exchange system for corporations to record payments in the national digital currency.

Rodríguez mentioned in 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 in the productive and commercial areas, framed in this week of flexibility that began on Monday.”

Notably, forty percent of the Petro transactions passed through the foreign petrol stations, as per the reports from local media outlets.