Cryptocurrencies are an alternative to the lack of foreign currency in Venezuela
Cryptocurrencies are gaining ground in the Venezuelan private commercial sector, being used as an alternative to the lack of dollars. More and more companies are conducting transactions in tether (USDT)
Cryptocurrencies, especially tether (USDT), have become an alternative for the private sector in Venezuela given the low availability of dollars.
In this sense, the private sector uses tether for transactions through authorized banks that offer these transactions to local companies. To do so, “they must have digital wallets endorsed by the government and pay in bolivars.”
Given the drop in foreign currency injections from the Central Bank of Venezuela, which stood at 14% so far this year compared to 2023, according to private estimates, companies are turning to digital currencies.
In August, Vice President Delcy Rodríguez indicated that “new exchange rate management mechanisms are being implemented, without providing further details.” Meanwhile, “analysts consulted indicate that a portion of oil exports are already being paid in USDT and that these funds are being channeled into the market.”
According to data reported by Ecoanalítica, in July, “$119 million in cryptocurrency was circulated for the private sector.” In their daily activities, companies “can use USDT to import supplies, pay suppliers abroad, or convert them into dollars.”
M.Pino
Source: finanzasdigital
(Reference image source: DrawKit Illustrations on Unsplash)
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