If you use cryptocurrencies in Venezuela, you pay less taxes. New law set by the government.

Hi, guys Venezuelan living here.

This is some kind of surprise considering the nature of the government (they like to have control of everything) but well, I suppose they had to be less ambitious and not take everything for them.

In this case, it is the tax on large financial transactions (IGTF) is a tax that you have to pay if you move money at it is set by 2% also if you pay in USD cash you have to add 3% more tax, if you pay or transfer crypto you avoid that 5%.

Of course, this only affects "legal" transactions done and reported to the SENIAT (like IRS) for off the record and P2P this doesn't apply.

https://criptomonedaseico-com.translate.goog/noticias/gobierno-de-venezuela-exonera-del-pago-del-impuesto-a-las-grandes-transacciones-financieras-igtf-a-las-operaciones-que-se-realicen-con-bitcoin-btc-y-otras-criptomonedas/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp