Venezuelans reportedly hit by new Bitcoin tax of up to 20%

Venezuelans reportedly hit by new Bitcoin tax of up to 20%

According to local reports, the Venezuelan government approved a new tax bill that would allow for up to 20% collection of taxes on cryptocurrency transactions.

On Thursday, the Venezuelan National Assembly held a second session of discussion to discuss a draft bill that would tax “large financial transactions” in cryptocurrency like Bitcoin (BTC).

According to reports, the Venezuelan government approved the draft bill on Thursday. It requires local businesses and individuals to pay as much as 20% for transactions in cryptocurrencies and foreign currencies like the United States dollar.

The draft law was filed Jan. 20. It aims to collect between 2% and 20% from transactions in currencies other than the Bolivarian Revolution of Venezuela or the Venezuelan bolivar.

This initiative is intended to encourage the use of the national currencies, which have lost nearly all their value in the last decade and over 70% last year.

The bill states that it is necessary to ensure treatment that is at least equal or better to payments and transactions in Venezuela’s national currency, cryptocurrencies, or crypto assets, versus foreign currency payments.

Related: India will introduce a 30% crypto tax and digital rupee CBDC in 2022-23

Cointelegraph reported that Bitcoin adoption in Venezuela has risen dramatically in recent years. Many thousands of Venezuelan businesses have begun to adopt cryptocurrency in an effort to survive hyperinflation. A major international airport in Venezuela, which will accept Bitcoin as payment for its tickets and other services, was set to open its doors to cryptocurrency payments in October 2021.

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