According to local sources, the Venezuelan government has adopted a new tax law that aims to collect up to 20% in taxes from bitcoin transactions. The National Assembly of Venezuela convened its second hearing on a new draft measure that would impose taxes on “large financial transactions” in cryptocurrencies such as Bitcoin (BTC).
Last Thursday, the Venezuelan government allegedly passed a draft bill mandating local businesses and people to pay up to 20% in fees for transactions involving cryptocurrencies as well as foreign currencies such as the US dollar.
Related: Cryptocurrency taxation policy live update
The proposed law, which was filed on Jan. 20, proposes to collect between 2% and 20% of transactions in any currency other than those issued by the Republic Bolivarian of Venezuela, or the Venezuelan bolivar, and El Petro, the country’s oil-backed cryptocurrency.
The project tries to encourage the usage of the national currency, which has lost nearly all of its value in the last decade and has lost over 70% of its value in the last year alone.
