Venezuelan President Nicolás Maduro announced that his administration will authorize Venezuelan banks to create accounts for payment in foreign currency and reiterated that the country is heading “towards a 100% digital economy.”

“We are going to create payment formats in digital currency, via digital, with savings accounts in foreign currency in Venezuelan banks. Savings accounts, checking accounts, in foreign currency are being authorized and people will be able to pay at the price of the currency in bolivars in the general market in the country. It means that it is an escape valve”, he said in an interview with Spanish journalist Ignacio Ramonet.

100% digital economy in Venezuela

Maduro assured that the dollar is handled in a more “open and public” way in the country for trade and for the “satisfaction of the needs of important sectors of Venezuelan life.”

Although he denied that Venezuela has a completely dollarized economy, he stressed that in the country there is no “contradiction” between dollarization and revolution, but there is “complementation” between the bolivar and the foreign currency.

The president also recognized that 3.4% of the country’s transactions were made in bolivars in cash, for which he proposed to expand the digitization of the economy to “100%”.

G. Febres

With information from national and international media and social networks

La entrada Maduro will authorize Venezuelan banks to create foreign currency accounts apareció primero en Bitfinance.