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Venezuela plans to include Petro as a means to collect payments of taxes and sanctions.

The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed digital currency petro.
The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed digital currency petro.

The Bolivarian Council of Mayors in Venezuela signed the so-called “National Tax Harmonization Agreement” for 305 municipalities in the country that allows digital currency Petro as a means to collect payments of taxes and sanctions. The oil-backed cryptocurrency is becoming increasingly widely used as the result of a new campaign. The vice president of Venezuela, Delcy Rodríguez, will be in charge of implementing a single registry of taxpayers through a digital consultation tool.

Delcy Rodríguez would be in charge of recording payments in Petro.

According to the government, the vice president would be in charge of creating an information exchange and monitoring system for companies to record payments in the state cryptocurrency, Petro. In Venezuela, there are 335 mayors, with 91% of them under the mandate of the United Socialist Party of Venezuela, PSUV. Only 30 mayors are led by opponents of the regime of Nicolás Maduro. However, the non-Maduro-supported municipal governments are collecting tax payments in the Venezuelan fiat currency, Bolívar. Several municipal governments do not have the appropriate technology to process Petro payments.

Venezuelan government continues to push for Petro adoption.

As reported earlier, the Nicolas Mudro led government in Venezuela announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro. The government has allowed subsidies to those who use the oil-backed cryptocurrency Petro at petrol stations. According to the Ultimas Noticias report, 40% of the petro transactions passed through foreign stations. The adoption of the oil-backed token has increased in the South American country as the government continues to push further.

Earlier, the US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) New York has put the head of Venezuela’s crypto, Joselit de la Trinidad Ramirez Camacho, to its most-wanted list.

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