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Venezuela Rolls Out ETH-Based Stock Exchange To Avoid Sanctions

10/04/2020

Venezuela rolls out an Ethereum-based Stock exchange to help it avoid US Sanctions as we are reading more in our ethereum latest news.

Enabled under a new law that was listed in the country’s official Gazette back on Tuesday, the new decentralized exchange comes as a part of the new measures that were announced by the president of Venezuela Nicolas Maduro, to try and avoid the US Sanctions. A draft of the “Anti-Blockade Law For National Development and the Guarantee Of Human Rights” is aimed to give the government a new tool to surpass all means of persecution and international blockade which was announced on Tuesday during a speech to the country’s National Assembly.

Petro Cryptocurrency
Petro cryptocurrency

The new exchange that is already launched is built to enable Venezuelan investors to trade stocks, real estate, and bonds in digital form.  As Venezuela rolls out the ETH-based exchange, it was initially authorized by the office of the National Securities Superintendence and will undergo a trial for 90 days during which time authorities will decide to approve or revoke the trading license. The US Sanctions have hit Venezuela’s economy hard and Maduro even called it a violation of the country’s human rights. The president even said that the anti-sanctions law will empower Venezuela’s oil-backed cryptocurrency-PETRO, as well as other crypto-assets for national and foreign trade.

The news emerged after the country legalized crypto mining but at the same time, specified that the private operations have to work through a pool that is controlled by the government. As recently reported, The Bolivarian Council of Mayors in Venezuela signed a new tax agreement in 305 municipalities across the country. The National Tax Harmonization Agreement will allow the nation to raise the taxes and sanctions that use the nation’s cryptocurrency- The Petro. According to the recent reports, the mayor of the Libertador Bolivarian Municipality signed the document after the presidential pass on behalf of the council of Mayors. The Venezuelan President Nicolas Maduro appointed the Executive Vice President Delcy Rodriguez to “guarantee that the harmonization of taxes is maintained in order to avoid double taxation.

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It’s worth noting that while the bill has approved the Petro is a legal way to collect taxes, it prohibited the tax collection in foreign crypto. Jose Alejandro Teran, the mayor of Vargas, explained that there are a lot of benefits that could result from the new agreement. He noted that having a combined digital resource for municipal taxpayers will allow the country to “strengthen the national taxpaying process and to give stability to inter-municipal informational systems.”