Venezuela’s residents will be able to pay taxes with the Petro digital currency

The Bolivarian Council of Municipalities of Venezuela signed an agreement, under which citizens will be able to pay taxes in the national digital currency El Petro, as reported on the government website.

To account for taxpayers using the currency, a separate registry will be created under the leadership of Vice President Delcy Rodríguez.

“This simplifies procedures, making the state’s work more efficient for the people,” she noted.

Delcy Rodríguez will also oversee the creation of a system to track payments in the digital currency for local businesses.

The agreement was signed by 305 of Venezuela’s 335 municipalities. Regions governed by representatives of opposition parties opposed it. In these regions, taxes will continue to be collected in bolivars, as they lack the necessary technology to process payments in El Petro.

Earlier, a number of Venezuelan enterprises were required to conduct transactions in El Petro, after which President Nicolás Maduro said that the country would adopt a new system of wages and prices tied to the national digital currency.

In April, authorities announced plans to distribute 650,000 coins to small and medium-sized businesses in the agro-industrial sector.

In June, the United States opened a manhunt for the El Petro administrator Ramírez Camacho, placed on the list of the most-wanted criminals.

Subscribe to ForkLog’s channel on YouTube!