London Daily

Focus on the big picture.
Wednesday, Feb 18, 2026

Venezuela’s ‘Surprise’ New Cryptocurrency May Be Used for Foreign Trade, Association Says

Venezuela’s ‘Surprise’ New Cryptocurrency May Be Used for Foreign Trade, Association Says

Venezuela already has a cryptocurrency, the Petro, which it launched in 2018, but its current status as a viable alternative currency is unknown.

President Nicolas Maduro has promised Venezuelans “a surprise” new cryptocurrency known as the digital bolivar, saying he would make an important announcement on the currency soon.

“We have a surprise: the digital bolivar. We will provide more details about it later,” the president said in a national television address Wednesday.


Maduro said the Venezuela had achieved a digitization rate of 77 percent for payments in 2020 in the form of using debit cards to make payments, and reiterated a pledge made last month to achieve a rate of 100 percent by the end of the year, completely squeezing out cash payments in both paper bolivars and foreign currencies.

No other details about the digital bolivar were given, but Jose Angel Alvarez, president of Venezuela’s National Cryptocurrency Association, believes the new cryptocurrency could complement the petro, telling decrypt.co that one to be used for domestic transactions and the other for foreign trade.

Ray Falconi, another association member, told the outlet that the new currency could be used to continue dollarizing the economy as part of the state’s recent initiative to stabilize the fiscal situation and get inflation under control. “It could be possible to convert the digital dollars handled by the banks and pay with our digital coin with any bank,” he explained.

“That’s why the government is conducting a first step of opening dollar accounts: to be able to capture cash and digital currency and convert it to a token backed with those dollars,” Falconi suggested.


Last month, Caracas lifted currency exchange controls, allowing citizens to establish debit accounts in dollars (with transactions processed in bolivars), and raising the official exchange rate to coincide with that found on the black market.

“We have created a resistance economy. This is why I have authorized the opening of accounts in convertible currencies,” Maduro said in his Wednesday remarks.

Fernando Medina, chief technical officer at Vlockchain, a Caracas-based blockchain consultancy, believes the digital bolivar could become a full-fledged central bank currency that enjoys the status of legal tender, which the Petro presently does not.

A brainchild of President Maduro’s, the petro is said to be pegged to a basket of goods including oil, gas, gold and diamonds, and was originally conceived as a blockchain-based means to circumvent US sanctions. To encourage its use, the currency was handed out in small quantities to citizens and allowed to be used to pay taxes and make other payments. Caracas also hoped to use the petro to facilitate foreign trade, including oil trade with other countries.

However, there has been little news on the petro since its launch, with the US preemptively banning its use in 2018 and calling it a “scam.” Foreign traders don’t seem to be sure of its current status.

Comments

Oh ya 5 year ago
What a joke. A crypto that is worth the same as the Bolivar..... Nothing. Bread and circus for the poor people of Venezuela. The reason for this is you need a wheelbarrow to carry enough worthless Bolivar to by a loaf of bread if you even find any to buy

Newsletter

Related Articles

0:00
0:00
Close
UK Inflation Slows Sharply in January, Strengthening Case for Bank of England Rate Cut
UK Inflation Falls to Ten-Month Low, Markets Anticipate Interest Rate Cut
UK House Prices Climb 2.4% in December as Market Shows Signs of Stabilisation
BAE Systems Predicts Sustained Expansion as Defence Orders Reach Record High
Pro-Palestine Activists Cleared of Burglary Charges Over Break-In at UK Israeli Arms Facility
Former Reform UK Councillors Form New Local Group Amid Party Fragmentation
Reform UK Pledges to Retain Britain’s Budget Watchdog as It Seeks Broader Economic Credibility
Miliband Defends UK-California Clean Energy Pact After Sharp Criticism by Trump
University of Kentucky to Host 2026 Summer Camps Fair Connecting Families with Local Programmes
UK Police Forces Assess Claims Jeffrey Epstein Used Stansted Airport Flights in Trafficking Network
UK-Focused Equity ETF FLGB Climbs to Fresh 52-Week Peak on Strong Market Sentiment
Trump Warns UK’s Chagos Islands Agreement Is a “Big Mistake” Amid Strategic Security Debate
Trump Urges UK to Retain Sovereignty Over Diego Garcia Amid Strategic Concerns
Italian Police Arrest Man After Alleged Attempt to Abduct Toddler at Bergamo Supermarket, Child Hospitalised With Fractured Femur
Rupert Lowe wanted to deport rape gangs and the communities who protected them
Reform UK Appoints Former Conservative Minister Robert Jenrick as Finance Chief
UK Unemployment Rises to Highest in Nearly Five Years as Labour Market Weakens
Rupert Lowe Advocates for English-Only Use in the UK
US Successfully Transports Small Nuclear Reactor from California to Utah
South Korea's traditional sand wrestling sport ssireum faces declining interest at home
Japan outlawed Islam
Virginia Giuffre accuses Epstein of trafficking to powerful men for blackmail.
New Mexico lawmakers initiate investigation into Zorro Ranch linked to Jeffrey Epstein
British Tourist Arrested at Hong Kong Airport After Meltdown and Vandalism
The Spanish government has ordered prosecutors to investigate platforms X, Meta and TikTok for allegedly spreading AI-generated child sexual abuse material
European Commission Plans Purchase Incentives Limited to Vehicles Manufactured Largely in the EU
French District of Pas-de-Calais Introduces Immediate License Suspension for Drivers Using Mobile Phones
Volkswagen Targets €60 Billion in Cost Reductions as Sales Decline and Global Pressures Intensify
Nigel Farage Names Reform UK Frontbench Team and Signals Zero Tolerance for Internal Dissent
Qualcomm to Withdraw UK Lawsuit Over Smartphone Chip Royalty Dispute
Major UK Banks Explore Domestic Card Network to Rival Visa and Mastercard
Cold Health Alert Issued Across UK as Temperatures Drop Sharply
Nine-Year-Old Becomes First Child in UK to Undergo Groundbreaking Leg-Lengthening Surgery
UK Workers Face Stagnant Incomes and a Softening Labour Market as Unemployment Climbs
UK Passport Rules Tightened for British Dual Nationals Under New Travel Guidance
California Deepens Global Climate Alliance with New UK Pact and Major Clean-Tech Investment Drive
UK Supreme Court Tightens Rules on Use of ‘Milk’ and ‘Cheese’ Labels for Plant-Based Products
University of Kentucky Postpones Feb. 19 Law Enforcement Training Exercise in Lexington
‘The only thing illegal is Keir Starmer handing these islands to a country like Mauritius!’
JD Vance says Germany is “killing itself” by taking in millions of fake asylum seekers from culturally incompatible nations.
UK Markets Signal Opportunity as Starmer Confronts Intensifying Political Pressure
Trump Criticises Newsom’s UK Climate Pact, Defends Federal Authority Over Foreign Engagements
UK’s Top Prosecutor Says ‘No One Is Above the Law’ as Police Review Claims Against Ex-Prince Andrew
Businessman Adam Brooks weighs in on the reports that the US is set to help Hamit Coskun flee the UK, over free speech concerns
U.S. Attorney General Pam Bondi Releases 3.5 Million Pages of Jeffrey Epstein Case Files
US Secretary of State Marco Rubio Comment on European allies report blaming Russia for killing late Kremlin critic Alexei Navalny using toxin from poison dart frogs
Eighty-Year-Old Lottery Winner Sentenced to 16.5 Years for Drug Trafficking
UK Quran Burner May Receive Asylum in the US Amid Legal Challenges
Rubio Calls for Sweeping U.N. Reform, Saying It Has Failed to End Wars in Gaza and Ukraine
10,000 Condoms Distributed at Winter Olympics 2026 Athlete Village Depleted Within 72 Hours
×