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Venezuela opposition’s Bitcoin reserve plan must overcome political turmoil first

Opposition leader María Corina Machado proposed adding Bitcoin to Venezuela’s reserves for a new era led by Edmundo Gonzalez.

Venezuelan opposition leader María Corina Machado‘s proposal to include Bitcoin (BTC) in the country’s national reserves appeals to both Venezuelans and Bitcoin supporters alike. 

However, there’s a lingering distrust in the country’s political system and uncertainty over whether this proposal could realistically help the current crisis or if it’s just political posturing.

On Sept. 6, Machado acknowledged in an interview that many Venezuelans turned to Bitcoin as a “lifeline” during the country’s hyperinflation crisis, using it not only to preserve their wealth but also to fund their escape from the country.

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Venezuela blocks Binance, X amid presidential election dispute

Binance has assured its users that their funds are safe after Venezuela cut off access to the exchange and social media platform X.

Venezuela’s government has blocked access to crypto exchange Binance, social media platform X and other online services amid unrest over disputed presidential election results.

On Aug. 9, local anti-censorship organization VE sin Filtro posted to X that it “detected a DNS block on the cryptocurrency exchange Binance, which affects the normal operation of its website and mobile application.”

“Like several websites of companies from different segments in Venezuela, including social networks, Binance pages have been facing access restrictions,” the exchange’s Latin American-focused X account posted on Aug. 10.

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Justin Sun Offers to Host Musk vs. Maduro Fight in Grenada

Justin Sun Offers to Host Musk vs. Maduro Fight in GrenadaIn a surprising turn of events, Tron founder Justin Sun has announced that the highly anticipated fight between Elon Musk and Venezuela’s President, Nicolás Maduro, could take place at the Grenada National Stadium. Sun, who was appointed as Grenada’s Ambassador and Permanent Representative to the World Trade Organization in 2021, has offered to cover all […]

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Venezuelans reportedly hit by new Bitcoin tax of up to 20%

Bitcoin adoption has been on the rise in Venezuela in recent years amid hyperinflation and the national currency crisis.

The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports.

Venezuela’s National Assembly held the second discussion session on Thursday for a new draft bill targeting taxes on “large financial transactions” in cryptocurrencies like Bitcoin (BTC).

The Venezuelan government reportedly approved the draft bill last Thursday, requiring local firms and individuals to pay up to 20% for operations carried out in cryptocurrencies as well as foreign currencies like the U.S. dollar.

Filed on Jan. 20, the draft law aims to collect from 2% to 20% over transactions in any currencies other than those issued by the Republic Bolivarian Republic of Venezuela, or the Venezuelan bolivar and the country’s oil-backed cryptocurrency, El Petro.

The initiative aims to incentivize the use of the national currency, which reportedly lost over 70% in value last year alone and shed nearly all its value over the past decade.

“It is necessary to guarantee treatment at least equal to, or more favorable, to payments and transactions made in the national currency or in cryptocurrencies or crypto assets issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency,” the bill reads.

Related: India to introduce 30% crypto tax, digital rupee CBDC by 2022–23

As previously reported by Cointelegraph, Bitcoin adoption has been skyrocketing in Venezuela in recent years, with many thousands of local businesses starting moving into cryptocurrency to survive amid hyperinflation. In October 2021, a major international airport in Venezuela was preparing to start accepting cryptocurrencies like BTC as payment for tickets and other services.

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Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the Dollar

Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the DollarThe Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its […]

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