The President of Venezuela, Nicolás Maduro, reported on his plans to implement the use of a “digital Bolivar” in the country.
Despite not offering further details, the national president indicated that “there is a good surprise for the economy and our people”, mentioning the use of the possible new digital system.
It is not the first time that Maduro has spoken of a possible establishment of the digital Bolivar. In January he had already assured that “the end of cash in the country was getting closer every day”.
In his speech, the president indicated that for this 2021 he has a firm commitment towards the digitization of the economy in Venezuela. “(We wish) that everyone has debit and credit card payment methods.”
This is not the first time this year that this issue has been mentioned. In January Vice President Delcy Rodríguez reported on a meeting with representatives of the public and private banking sector, to evaluate the ways to strengthen the bolivar through the digital economy.
On that occasion, it was said that the Central Bank of Venezuela (BCV) is analyzing relaunching the bolivar, which could include the creation of the digital bolivar, as well as the adoption of more efficient mechanisms to facilitate payments in the local market with convertible currencies.