London Daily

Focus on the big picture.
Sunday, Oct 04, 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 6 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 Police Release Six Iranian Nationals on Bail After RAF Fairford Security Alert
UK Business Confidence Falls as Energy Costs and Tax Uncertainty Rise
Cornwall Insight Warns UK Energy Bills Could Rise 16% in January
UK Introduces Zero VAT on Household Electricity Bills
UK 30-Year Gilt Yield Hits 6% as Bond Market Pressures Intensify
UK Introduces Stricter Subcontractor Checks and Expanded Trade Union Access
Green Party Proposes Three-Year Emergency Freeze on Private Rent Increases
UK Treasury Committee Seeks Tax Clarification Over Manchester City Investigation
Royal Marines Deploy to Faroe Islands for Northern European Security Exercise
UK Business Confidence Weakens as High Costs Delay Investment
UK GDP Growth Revised Up to 0.5% in Second Quarter
Bank of England Warns of Financial Stability Risks From Autonomous AI
UK Expands Early Prisoner Release Scheme to Ease Overcrowding
UK Records Worst Bluetongue Outbreak on Record Across Livestock Farms
UK Government Faces Shrinking Fiscal Headroom Ahead of October 28 Budget
UK 30-Year Gilt Yield Reaches 6% as Energy Shock Drives Borrowing Costs Higher
Church of England to Apologize for Role in Historical Forced Adoptions
UK Defence Ministry Investigates Historical Use of RAF Bases by Jeffrey Epstein
Scottish Housing Completions Fall to 11-Year Low
Welsh First Minister Calls for Expanded Devolution Settlement
UK Pledges £50 Million to Expand Domestic Military Drone Capabilities
UK Opens First Commercial Geothermal Plant in Cornwall
Green Party Wins Gorton and Denton By-Election as Labour Falls to Third
Prime Minister Andy Burnham Opens Review of UK-EU Relationship
UK Inflation Rises to 3.1%, Adding Pressure on Household Finances
UK Removes VAT From Domestic Electricity Bills to Ease Winter Energy Costs
Counterterrorism Police Arrest Sixth Suspect Over RAF Fairford Incident
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Chancellor John Healey Faces Tax and Pension Scrutiny Ahead of Autumn Budget
Metropolitan Police Apologise for Accidental Disclosure in High-Profile Investigation
UK Universities Report Record International Enrolment as Housing Pressure Grows
UK Logistics Firms Monitor Rhine Disruption as Low Water Threatens European Supply Chains
UK Food Industry Warns Inflation Could Approach 7%
UK Introduces Vaping Duty and Mandatory Retail Stamps
Scotland Raises Property Taxes and Expands Child Payment in Annual Budget
Greggs Plans Four Factory Closures With 740 Jobs at Risk
OECD Raises UK 2026 Growth Forecast to 1.1%
UK Inflation Rises to 3.1% as Bank of England Faces Rate Debate
Andy Burnham Criticises Brexit and Says Rejoining EU Single Market Remains an Option
UK Imposes New Sanctions on Russian Military Networks and Propagandists
UK Launches Nationwide Early-Release Prison Scheme
Andy Burnham Says Security Services See Signs of Iranian Involvement in RAF Fairford Incident
Manchester City Found Guilty on Premier League Financial Charges After Independent Investigation
Scottish Court to Rule on Bid to Force No-Confidence Vote Against Aberdeen Council Co-Leader
UK Bans Extra Charges for Seating Children Under 12 Beside Accompanying Adults
UK Introduces Vaping Duty and New Licensing Requirements
Greggs to Close Four UK Factories and Cut 740 Jobs
Hundreds of Prisoners Released Early as England and Wales Prisons Reach 98% Capacity
UK Unveils New Russia Sanctions Targeting War Funding and Shadow Fleet
Burnham Says There Are Strong Indications of Iranian Involvement in RAF Fairford Security Breach
×