VENEZUELA

The Economy, Finance and National Development Committee of the National Assembly is currently drafting an Electronic Commerce Law. According to the president of the Committee, it is expected that the text will be submitted to the plenary of the Assembly in the short term, in order to initiate its legislative debate. Deputies also plan to introduce changes to the Commercial Code and the Antitrust Law. On the other hand, the Central Bank of Venezuela (BCV, in Spanish) issued a circular addressed to banks informing them of the obligation to send to the BCV the amounts and balances in foreign currency of the Contingent Accounts and Memorandum Accounts. The measure is already in force.

The Electronic Commerce Law that is being prepared to be submitted to the National Assembly will be aimed at promoting the economy through digital means and implementing the electronic invoice, according to the president of the committee, Representative Jesús Farias (PSUV – ruling party). Likewise, Farias indicated that it will seek to “consolidate the economic activities with information and communication technologies, on the basis of a commercial and fiscal regulation according to the social, economic and financial reality”.

For its part, the circular issued by the BCV is related to the submission of information foreseen in the Instructions for Compliance with the Norms related to the Foreign Currency Positions of Financial Institutions. In this regard, and in accordance with Title II – Chapter II of such Instructions, the circular states that banks must add to the information sent daily and monthly to the Institute the movements and balances in foreign currency of the accounts identified with codes 600.00 “Contingent Accounts” and 800.00 “Other Memorandum Accounts”.