Venezuela Bets on De-Dollarization After Foreign Currency and Crypto Tax Is Applied

Venezuela Bets on De-Dollarization After Foreign Currency and Crypto Tax Is Applied


The government of Venezuela is now focusing its action on trying to establish the bolivar as the go-to currency for purchases in the country. According to several economists, this might be a risky bet in a country that has just exited hyperinflation and still suffers high levels of inflation. However, the establishment of a 3% tax targeting expenses in foreign currency and crypto is having some effects in this regard.

Venezuela Seeks to Strengthen Its Fiat Currency

After having defacto dollarization, which the president of the country called an “escape valve” from the economic crisis that Venezuela had faced five years ago, now the country is seeking to establish its fiat currency, the bolivar, as an interesting choice for payments. A new tax called the

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