May 18, 2021

Venezuela will charge foreign currency tourism in "special economic zones"

Venezuela will charge foreign currency tourism in "special economic zones"

Venezuelan President Nicolás Maduro said today that his government will charge international and cryptoactive currencies for tourist services in some "economic zones" of the country, an announcement that takes place amid the severe crisis that the Caribbean nation is going through.

Maduro noted that in the islands of Margarita and La Tortuga, as well as the Gran Roque archipelago (north) and some beaches in the state of Falcón (west), "all" payments for tourist services will be made "in international currency with the particularity that global cryptocurrencies are going to be accepted. "

"For all the services provided, from the payment of the plane, the hotel, the yacht, the food (and) gifts," said the Venezuelan president during his participation in the closing of the International Tourism Fair (Fitven), broadcast in obligatory chain of radio and television.

Maduro also announced a business round to launch development projects in these regions, while calling on international investors to take part in this event in March.

"All these areas are going to be international tourism zones, they are going to be special economic zones where the petro currency is going to circulate, linked to international currencies," he insisted.

The petro is a cryptoactive that Maduro launched at the end of 2017 for, as he said then, "to advance in the matter of monetary sovereignty" and to break a supposed "financial blockade" against his Government.

The currency is backed by 5,342 million barrels of crude from a block of the Petrólifera del Orinoco Oil Belt, a large region of the country where the largest proved hydrocarbon reserves on the planet are deposited.

But the cryptoactive, which according to the Venezuelan government moves millions of dollars in the market and can be exchanged for other digital currencies, was declared "null" by the Parliament, of overwhelming opposition majority, recalling that the Constitution prohibits "using the reserves of the country as a guarantee ".

In addition, it was sanctioned by the government of US President Donald Trump, which banned through an executive order "all transactions" linked to the financial system of his nation "with any digital currency that has been issued by, for or on behalf of the Government of Venezuela as of January 9, 2018. "

Today's announcement of Maduro occurs in the midst of the serious economic crisis that Venezuela is going through, and which is expressed in hyperinflation and generalized shortages, including currencies, as the pumping of state PDVSA falls drastically, from where the country gets 96% of your income.


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