Dollar Crisis, Venezuela Switches To Crypto In Currency Exchange
JAKARTA – The Venezuelan government is slowly paving the way for the use of cryptocurrencies pegged against the US dollar in currency exchanges for the private sector. This step was taken because US sanctions limited Venezuela’s access to foreign exchange, particularly from oil exports.
The sanctions, which the Venezuelan government calls economic war’, complicate business transactions, requiring companies to exchange local bolivares for dollars generated from oil trading and foreign card transactions, which are partly injected into the market by the central bank.
However, oil revenue has decreased in recent months. Although the US Treasury Department last month issued a new limited license for…
