Although cryptocurrency adoption in Venezuela has declined in the last year, it continues to grow thanks to the opening of the national banking system to the purchase and sale of these assets, consolidating its position as the key channel for this sector.

This was reported on Wednesday, February 11, by Aníbal Garrido, director of the Blockchain, Trading, and Crypto (BT&C) Academy at Andrés Bello Catholic University.

The specialist indicated that “despite the recent foreign currency injections by the Central Bank of Venezuela (BCV) to stabilize the exchange rate, digital currencies maintain a strong presence in the economy.”

Regarding the role of banks before cryptocurrencies, he stated: “The banking sector is a crucial ally. It acts as a ‘railway’ or gateway for cash-in and cash-out transactions. Although banking institutions cannot perform direct exchanges, they allow exchange houses to carry out instant transactions.”

Garrido noted that in Venezuela, the trading of digital assets has a clear legal framework, recalling that the National Superintendency of Cryptoassets and Related Activities (Sunacrip in Spanish) has been the entity responsible for regulating the sector since 2023. “The legality of using cryptocurrencies is established in the 2019 Constituent Decree, and BA VEN-NIF 12 regulates the accounting records of digital assets,” he added.

M.Pino

Source: criptopasion

(Reference image source: Michael Förtsch on Unsplash)

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Aníbal Garrido, director of the Blockchain, Trading & Crypto Academy at the Universidad Católica Andrés Bello in Caracas (UCAB), stated that cryptocurrency trading in Venezuela is legal, has a strong regulatory framework, and offers safe local alternatives for those who want to take their first steps in this market.

“In Venezuela, there are two regulated platforms: the cryptocurrency exchanges Crixto and Kontigo. The registration process is simple and takes only a few minutes, allowing any user to transfer bolivars to these platforms and convert them into cryptocurrencies like USDT, with just a couple of clicks,” Garrido emphasized in an interview with the radio station Unión Radio.

According to the expert, “starting with stablecoins (like USDT, whose value remains at a 1:1 parity with the dollar) is the most prudent recommendation for new users, thus avoiding immediate exposure to the volatility of the crypto market.”

Garrido identifies the main advantage of these platforms as the possibility of using the cryptocurrency balances to pay in bolivars, the local currency, using tools such as mobile payment.

He also referred to the operation of local exchanges, which must be registered with the National Superintendency of Cryptoassets (Sunacrip). “On the other hand, international platforms do not meet this requirement, which creates a gray area in the regulation.” Therefore, the expert recommends that users new to crypto trading select “platforms with a proven track record and high transaction volume” in the international market, among which he considers Binance, OKX, BBIT, and Bitgap.

M.Pino

Source: finanzasdigital

(Reference image source: Erling Løken Andersen on Unsplash)

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La entrada Use of cryptocurrencies in Venezuela is legally regulated apareció primero en Bitfinance.