Venezuela's failed cryptocurrency Petro is still being pushed by the regime. The reform in the Law on Value Added Tax (VAT, set in 16%) gives the regime the possibility of charging an extra fee on the general rate of 16%. The extra rate may be between a minimum of 5% and a maximum of 25% when the sale of goods or the provision of services is made in currencies or in a cryptocurrency other than petro.The U.S. dollar has been used increasingly to make payments in local businesses and stores as the country is being dollarized de facto, however, bolivars are still used in the majority of the transactions.Buying petros is almost impossible for foreigners and as a local the platform designed to make it possible is full of bugs.Venezuela reported a 82% decrease in production during the third quarter of 2019 compared with the same quarter of 2018, according the country’s chambers of commerce, Conindustria [Source]
Submitted February 03, 2020 at 04:08AM
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