Venezuelan government to tax cryptocurrency and foreign currency transactions

The Venezuelan government has authorized a new tax that will apply to foreign money transactions as well as cryptocurrency transactions. The tax, known as the “large financial transactions” tax, was approved by the country’s National Assembly and will collect up to 20% tax on transactions done in currencies other than the country’s fiat currency or […]

View Details

Venezuelan Airport To Accept Payment In Bitcoin

One of Venezuela’s major international airports is making preparations to start accepting Bitcoin as a mode of payment. The Simón Bolívar International Airport has announced arrangements for BTC, DASH, and Venezuela’s oil-pegged crypto token – petro – for airport services. Preparations To Adopt Cryptocurrency As Payment Previously, Venezuelan regional news broadcasting company, El Siglo, reported that country’s largest international airport is interested in cryptocurrency as a payment method. Venezuela’s international airport giant, Simón Bolívar International Airport also called “Maiquetia” has announced its interest in using cryptocurrency for payments. The enormous airport is located 12 miles away from Venezuela’s capital Caracas. Related Reading | Bank Of England Seeks To Strengthen Cryptocurrency Regulations Freddy Borges, the director of the Maiquetia, stated that as time transits quickly, Venezuelans should also evolve. He also announced that the massive airport would be accepting numerous digital currencies as a means of payment for flight reservations and sundry other services. Additionally, Borges said that Maiquetia’s administrators would soon release new payment methods in collaboration with the country’s National Superintendence of Crypto Asset and Related Activities. The adoption of digital currency payments at the airport will mark Maiquetia’s commitments towards improvements Internationally. He noted that this would also rally cryptocurrency acceptance massively within the country and worldwide. Furthermore, the executive added that foreign tourists would take advantage of the crypto payments, including Russians. Venezuelan Central Bank Digital Currency Currently, Venezuela is experimenting on its Central Bank Digital Currency (CBDC), a novel crypto-asset pegged to its national currency. The country also launched a CBDC as a Venezuelan digital Bolivar on the 1st of October. However, Venezuela’s central bank stated that the CBDC wouldn’t be worth more or less than the national token but only be used as a digitalized means of accessing the currency. BTC rises past new highs | Source: BTCUSD on TradingView.com Beginning on the 1st of October, the CBDC was launched with one Venezuelan Bolivar having an equivalent value in its digitalized form. Even banknotes from 5 to 100 bolivars had their own digitalized equivalents. In addition, the Petro token was deployed in February 2018 as one of the country’s national digital currencies. Unlike the CBDC currency, which is backed up by the Venezuelan national currency, Petro is backed up by the nation’s oil. Companies That Accepted Bitcoin As Payment Method In August 2021, the Venezuelan carrier airport Turpial Airlines adopted a BTC-based payment option. Meanwhile, Caracas Air, the country’s biggest aviation training institute, offered their students discounts who paid via Bitcoin. Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin Also, the food industry is not slacking behind in accepting bitcoin, leveraging the crypto’s fame within the country. For example, Pizza Hut began accepting Ethereum and Bitcoin payments last year November. Even Burger King had adopted DASH and Bitcoin as means of payment in January 2021 in over 40 of the country’s restaurants. Featured image by Pexels, Chart from TradingView.com

View Details

Reports Indicate Venezuela Is Preparing to Liquidate the Petro

According to reports, the government of Venezuela could be winding down the operations of the petro cryptocurrency. The decision comes after Sunacrip, the Venezuelan cryptocurrency watchdog, was set back by the alleged participation of its former head Joselit Ramirez in a potential $20 billion corruption scheme involving the settlement of Venezuelan oil sales. Reports Indicate

The post Reports Indicate Venezuela Is Preparing to Liquidate the Petro appeared first on BTC Ethereum Crypto Currency Blog.

View Details

Mastercard Launches NFTs to Support Emerging Musicians Through Web3 Technologies

According to Mastercard, the payments giant has launched non-fungible tokens (NFTs) that grant access to the Mastercard Artist Accelerator program, designed to support emerging musicians. Developed in collaboration with Polygon, the NFT project highlights Mastercard’s intent to embrace Web3 technologies. Mastercard Launches Second NFT Offering In January, Mastercard announced its partnership with Polygon to support [...]

The post Mastercard Launches NFTs to Support Emerging Musicians Through Web3 Technologies appeared first on Crypto Breaking News.

View Details

Latam Insights — Steve Hanke Advocates Dollarization in Argentina, Bitcoin City Plans Unclear in El Salvador, Sunacrip Implicated in Venezuela Layoffs

Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, economist Steve Hanke calls to dollarize Argentina, Bitcoin City plans are still not formalized in El Salvador, and Venezuelan crypto watchdog Sunacrip is allegedly involved in mass layoffs. Steve Hanke

The post Latam Insights — Steve Hanke Advocates Dollarization in Argentina, Bitcoin City Plans Unclear in El Salvador, Sunacrip Implicated in Venezuela Layoffs appeared first on BTC Ethereum Crypto Currency Blog.

View Details