The exchange rate of Bolivar fell from 52 coins in one dollar in January 2025 to 137 by August, increasing the demand for digital assets attached to the dollar to help bypass the country’s currency restrictions and international sanctions.
In 2025, about 66% of transactions in the country were carried out in US dollars and instruments equated to them. Due to the deficiency of cash and the exchange rate of the American currency artificially underestimated by the state, the Venezuelans began to switch to stablecoins, which the restrictions do not concern.
ElobServador sources told reporters that stablecoins in Venezuela steel An important survival tool, since local companies seeking to protect themselves from inflation require USDT payment, including for products and payment of services.
The banknote with a face value of 1 million Bolivars, introduced in 2021, is now equivalent to only $ 0.52.
“I can’t leave the bolivars entering my company on the bank account, because tomorrow they will depreciate. In the official market, dollars are not sold enough, if they are sold at all, so I go to the cryptocurrency market and buy USDT. In five to six days, when I need to pay in Bolivars, I am selling them again, ”one of the entrepreneurs told reporters.
Against the backdrop of the economic crisis, the Venezuela government tightened control over cryptocurrency P2P platforms like El Dorado and Binance, accusing the exchanges of manipulations with prices on the “parallel dollar market” and the threat of state control over the exchange rate. Degree pressure The authorities were such that the El Dorado platform announced the termination of all operations in the country, and the Binance exchange made a statement on tightening the rules that prevent manipulating prices on their P2P market.
Earlier, the opposition politician Maria Corina Machado in an interview with the Fund for the Protection of Human Rights said that cryptocurrencies became a rescue circle for Venezuelars suffering from hyperinflation.
Source: Bits
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