London Daily

Focus on the big picture.
Thursday, Oct 22, 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.

Newsletter

Related Articles

0:00
0:00
Close
Department for Science, Innovation and Technology Commits Fifty Million Pounds to Establish Regional Artificial Intelligence Innovation Clusters
Ofgem Directs Major Energy Suppliers to Expand Vulnerable Household Support Funds Ahead of Winter Heating Season
Home Office and National Police Chiefs Council Unveil New Intelligence-Led Strategy to Tackle Organised Immigration Crime Networks
First Minister John Swinney Secures Scottish Parliament Approval for Comprehensive Climate and Green Energy Infrastructure Strategy
National Health Service England and Trades Union Congress Finalize Agreement on Emergency Winter Staffing and Pay Frameworks
HM Treasury and Department for Business and Trade Announce Multi-Billion-Pound Sovereign Investment Pact to Spur Regional Advanced Manufacturing
Bank of England Governor Andrew Bailey Signals Potential for Faster Interest Rate Cuts as Domestic Inflation Pressures Ease Below Forecasts
Parliamentary Inquiry Highlights Urgent Need to Address Housing Shortage as Scottish Completions Hit Eleven-Year Low
United Kingdom and Singapore Sign Comprehensive Financial Agreement to Deepen Digital and Sustainable Market Ties
Greggs Announces Plan to Close Four Manufacturing Facilities and Cut Seven Hundred and Forty Jobs
International Monetary Fund Raises United Kingdom Economic Growth Forecast While Warning of Inflationary Pressures
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs Onto Gas to Lower Household Bills
Housebuilding Across Scotland Plummets to Eleven-Year Low Despite Government Pledges to Tackle National Housing Emergency
Greggs Announces Factory Closures Across Northern England and Scotland Affecting Seven Hundred Forty Jobs
United Kingdom and Singapore Conclude Eleventh Financial Dialogue in Singapore to Deepen Cooperation on Digital Finance and Capital Markets
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs to Gas Bills and Tap Windfall Profits to Lower Consumer Prices
British Broadcasting Corporation Announces Major Cost-Cutting Overhaul to Close Linear Broadcast Services for Television Channels BBC Three and BBC Scotland Alongside Digital Radio Station BBC Radio Four Extra
London Capital Markets Face Renewed Scrutiny After High-Profile Offerings Underperform Post-Listing
Green Party Wins Historic First Westminster Parliamentary By-Election in Gorton and Denton
Environment Secretary Emma Reynolds Unveils Sweeping Regulatory Overhaul for English Water Industry
United Kingdom Health Security Agency Confirms Thirty-Four Cases in Kent Meningitis Outbreak
Ministry of Defence Prepares Heat Pump Subsidy Cuts to Fund Urgent Military Modernization
British and European Union Officials Schedule Long-Awaited Bilateral Leaders Summit for November Twentieth
Bank of England Governor Andrew Bailey Urges Strict Fiscal Credibility to Protect British Bond Markets
United Kingdom Inflation Rises to Three Point One Percent Driven by Escalating Fuel Costs
Profit Warnings Among London-Listed Companies Reach Two-Year High Amid Global Energy Shocks
Chancellor John Healey Signals Targeted Tax Changes on Banks and London Corporate Offices Ahead of Budget
British Government Reallocates Twenty-Five Per Cent of International Climate Finance to Global Biodiversity Projects
Initial British Carbon Border Taxes Set to Undercut Parallel European Union Tariffs on Industrial Imports
Whitehall Prepares National Zero-Interest Loan Initiative to Accelerate Domestic Heat Pump and Solar Adoption
European Union Offers British Automakers Access to Hybrid Vehicle Trade Protections Subject to Strict Regulatory Alignment
British Probation Officers Threaten Widespread Industrial Action After Rejecting Five Per Cent Government Pay Offer
Microsoft Abandons Major British Artificial Intelligence Data Centre Citing Severe National Grid Power Constraints
United Kingdom Inflation Accelerates to Three Point Four Per Cent Ahead of Chancellor John Healey's Inaugural Autumn Budget
Surging Cloned Number Plates Severely Complicate Traffic Enforcement and Police Investigations
Mounting Opposition Challenges Planned Rollout of Autonomous Taxis Across London
Influential Think Tank Urges Rejoining European Union to Navigate Geopolitical Crises
Government Review Recommends Slashing Benefits to Fund Youth Employment Initiatives
Senior Minister Shabana Mahmood Seeks New Law Enforcement Pact With European Union
Airbus Executive Warns Britain Risks Losing Crucial Role in European Space Industry
Exorbitant Electricity Costs Push British Steelmakers to Worst Competitive Position in Three Years
British Food and Beverage Exports to European Union Collapse by Over a Third Since Brexit
Up to Twenty English Maternity Units Face Impending Closure Due to Safety and Staffing Crises
Government Declares Severe Drought Across Southern England Following Record Dry Spell
Corporate Profit Warnings Reach Two-Year High Amid Middle East Conflict and Rising Costs
International Monetary Fund Warns Chancellor John Healey Against Proposed Bank Tax Raid
Northern Ireland Secures Favorable Agricultural Export Agreement with European Union
Scottish Government Approves Major Offshore Floating Wind Farm Near Aberdeenshire
High Speed Two Rail Project Faces Three Billion Pound Cost Escalation on Initial Phase
National Health Service Warns of Winter Capacity Crisis Across English Hospitals
×