Venezuelan banking system is a key platform for cryptocurrencies

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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