Payments in dollars, the US currency, have declined alarmingly during the first months of 2025, according to the retail sector in Venezuela.

The sector has pointed out that “the use of US dollars as a payment method in retail stores has fallen by up to 60 %,” according to data from the National Federation of Commerce (Fedecomercio).

This is an alarming trend, reflecting a significant decline in the preference for the dollar for daily transactions, according to José Lossada, president of the association.

Lossada emphasized that in the first four months of the year, “the majority of transactions, approximately 75 %,” were made in bolivars.

This change in Venezuelan payment methods reflects the difficulties people face in obtaining foreign currency from public and private institutions, “in addition to the high costs associated with its acquisition. This sustained trend affects the stability of operations and the financial planning of businesses seeking to adapt to the new market reality.”

M.Pino

Source: elperiodiquito

(Reference image source: Alexander Grey on Unsplash)

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La entrada Drop in dollar payments worries the retail sector apareció primero en Bitfinance.

The dollarization of the economy in Argentina, promoted by President Javier Milei, is advancing rapidly. Now citizens will be able to pay in stores in pesos, the local currency, or in dollars, thanks to the legal provisions in force.

“So that merchants can accept payments in dollars with a debit card, the BCRA ordered that acquirers and sub-acquirers have the tools ready to accept payments in dollars before February 28,” local sources indicate.

In addition, the BCRA Board of Directors has incorporated payments with debit cards, in pesos and in dollars, into the interoperable QR terminal. This opens the door to transfers in US currency, as well as credit card and gift card payments. Payments can be made and received “by scanning any QR code that supports the payment instrument enrolled in the wallet.”

Regarding the deadlines for the implementation of these measures, it was learned that the participating entities “will have until February 28 to implement the Scheduled Debin. For its part, the incorporation of the interoperable QR for debit card payments in dollars and pesos must be operational before April 1.”

M.Pino

Source: cointelegraph

(Reference image source: Colin Watts on Unsplash)

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La entrada Argentina moves towards dollarization of its economy apareció primero en Bitfinance.