Venezuelan Mayors Signs “National Tax Harmonization Agreement” To Include Petro As Payment Method
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Venezuelan Mayors Signs “National Tax Harmonization Agreement” To Include Petro As Payment Method

August 12, 2020      Vandana Malik

Cryptocurrencies have been widely adopted in different countries as a payment method, and now it’s the turn of Venezuela. The Venezuelan Mayors of Bolivarian Council of Mayors has just signed the “National Tax Harmonization Agreement”. 

In this agreement, Petro (PTR) has been accepted as a payment method to collect taxes and sanctions payments. 

Delcy Rodríguez will be in-charge of Venezuelan Mayors signed agreement

The government has revealed that Delcy Rodríguez, the Vice President of Venezuela, is going to be in charge of this agreement signed by the Venezuelan mayors. She will work towards implementing the single registry of the taxpayers using the digital consultation tool. She will also create a proper monitoring system and information exchange for the companies. Rodriguez believes that this is going to increase economic activity in both the productive and commercial sectors.

There are a total of 335 Venezuelan mayors, from which 91% belong to the United Socialist Party of Venezuela. The remaining 30 mayors are under the regime of Nicolás Maduro. It also came out that the few municipalities of the country do not have a proper technology that will be used to process the Petro payments. Due to this, few municipal governments are using Bolivar for collecting tax payments. 

15% of fuel payments made using Petro

Back in June, the Venezuelan government announced that around 15% of the fuel payments at the petrol stations in the country are being done using Petro as a payment method. It has been seen that this increase in payment using Petro came after the plans implemented to spread the use of token across the country. The reports from several local media outlets have claimed that 40% of transactions of Petro have been passed through the foreign petrol stations in the country. 

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.