London Daily

Focus on the big picture.
Wednesday, Feb 25, 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
US Lawmakers Seek Briefing from UK Over Reported Encryption Order Directed at Apple
UK Business Secretary Calls on EU to Remove Trade Barriers Hindering Growth
Legal Pathways for Removing Prince Andrew from Britain’s Line of Succession Examined
Downing Street’s Veteran Deception Scandal
UK HealthCare Expands ‘Food as Health’ Initiative Statewide to Tackle Chronic Illness in Kentucky
Leonardo Chief Says UK Set to Decide on New Medium Helicopter Programme
UK Slows Chagos Islands Agreement After Concerns Raised in Washington
European and UK Stock Markets Reach Fresh Highs as Banks and Miners Lead Rally
UK Government Insists Chagos Islands Negotiations Continue After Minister’s ‘Pause’ Remark
No Confirmed Deal for Engie to Acquire UK Power Networks Amid Market Speculation
UK Reaffirms Updated Entry Requirements for Travellers as of February 25, 2026
General Atlantic to sell equity stake in ByteDance, valuing the company at $550 billion
German Chancellor Friedrich Merz Secures Pledge from China for Greater Imports of Quality Goods
Lord Mandelson Condemns Arrest as Driven by ‘Baseless Suggestion’ He Would Flee Abroad
Former UK Ambassador Released on Bail Following Arrest in Epstein-Linked Investigation
UK Parliament Orders Release of Former Prince Andrew’s Government Vetting Files
Reddit Fined £14 Million by UK Regulator Over Failures in Age Verification Controls
UK Moves to Tighten Regulation of Netflix, Disney+ and Prime Video Under New Media Rules
British Woman Who Reported Rape in Hong Kong Faces Possible Prosecution
'Christianity is the religion that has made this country great.'
Man Receives Parking Ticket 38 Years After Offense: ‘City Officials Said It’s Legitimate’
Woman Receives Gift Card for Christmas – Discovers It Is ‘Worth’ 63,000,000,000,000,000 Pounds
UK Sanctions New Zealand Insurer Maritime Mutual Following Allegations Over Russian Oil Cover
Reform MP Danny Kruger Condemns UK’s ‘Unregulated Sexual Economy’ in Call for Tougher Controls
The Show Must Go On: Prince William and Kate Middleton Shine at the BAFTAs Amid Andrew’s Arrest
UK Sanctions Russian ‘Illicit Oil Traders’ After Email Blunder Exposes Sanctions Evasion Network
Russia Amplifies Baseless Claims That UK and France Plan to Arm Ukraine with Nuclear Weapons
UK Imposes Sanctions on Two Georgian Television Channels Over Alleged Russian Disinformation
United States National Parks See Noticeable Drop in Visitors from Canada, U.K. and Australia
UK, Australia, Canada and New Zealand Escalate Sanctions on Russia as Ukraine War Marks Four Years
I Gave Andrew a Nude Massage Inside Buckingham Palace
UK Economy Faces Acute Strain as Trump’s Global Tariff Reshapes Trade Landscape
UK Signals Retaliation Is Possible as New US Tariff Policy Threatens Trade Stability
British Police Arrest Former Ambassador Peter Mandelson in Epstein-Related Misconduct Probe
Australia Officially Supports Proposal to Remove Andrew Mountbatten-Windsor from Royal Succession
Victorian Premier Jacinta Allan remains silent on ISIS brides' resettlement plans in Melbourne
Former UK Ambassador Peter Mandelson Arrested in Connection with Jeffrey Epstein
Jacob Rees Mogg afraid to talk about Peter Mandelson arrest on “suspicion of misconduct in a public office” (Pedophilia, corruption, etc.)
United Nations Calls for Global Action Against Disinformation and Hate Speech Online
Tucker Carlson warns of an inevitable clash in Western societies over mass migration
President Trump warns countries against abandoning recent trade deals with the US
Diverging Polls Show Mixed Signals on UK Economic Revival as Confidence Remains Fragile
Spotify Expands AI-Driven ‘Prompted Playlists’ Feature to the United Kingdom and Other Markets
Greens and Reform UK Surge in Manchester By-Election, Threatening Labour’s Historic Stronghold
UK Businesses Push for Closer European Trade Links Amid Renewed US Tariff Uncertainty
Deloitte Global Overhaul Sparks Leadership Contest in the United Kingdom
University of Kentucky and Microsoft to Showcase Campus-Wide AI Innovation
UK Food System Faces Acute Vulnerability to Shocks, Experts Warn
Reform UK’s Proposed ICE-Style Deportation Scheme Triggers Sharp Backlash
U.S. Global Tariff Push Leaves Britain, Australia and Others Facing Higher Costs and Trade Strain
×