In Venezuela, the use of cryptocurrencies is legal and has increased in popularity as an alternative in the face of hyperinflation, financial restrictions, and international sanctions. Although the government has tried to regulate this sector, internet restrictions and U.S. sanctions create a complex, high-risk environment for users.
Legal situation and regulations
Legal framework: The use of cryptocurrencies is formally allowed and regulated by government decrees.
SUNACRIP halted: The National Superintendence of Cryptoassets (SUNACRIP), which regulated the activity, was shut down following a corruption scandal in 2023, leaving a regulatory gap in practice. In 2024, it was announced that it would be reorganized.
Mining ban: In 2024, the government banned cryptocurrency mining following corruption investigations that affected SUNACRIP.
Taxes: In 2022, a 20% tax was approved on cryptocurrency transactions.
The Petro: The official cryptocurrency, the Petro, created by the government in 2018, lost influence and was discontinued after a corruption scandal.
The crypto ecosystem in Venezuela
Adoption out of necessity: Venezuelans have turned to cryptocurrencies—especially dollar-linked stablecoins such as USDT—to protect their savings from the devaluation of the bolívar. In 2024, cryptocurrency adoption surged by 110% in the country.
Government-mediated exchange: As dollars become scarce, the government has allowed the use of dollar-pegged cryptocurrencies in exchange houses for the private sector.
International payments: Cryptocurrencies have become a gateway for international transfers, helping bypass banking restrictions.
Trade with intermediaries: Due to U.S. sanctions, the state oil company PDVSA has accelerated the use of cryptoassets, such as USDT, requiring payments through intermediaries for oil exports.
#trading#cipto
Legal situation and regulations
Legal framework: The use of cryptocurrencies is formally allowed and regulated by government decrees.
SUNACRIP halted: The National Superintendence of Cryptoassets (SUNACRIP), which regulated the activity, was shut down following a corruption scandal in 2023, leaving a regulatory gap in practice. In 2024, it was announced that it would be reorganized.
Mining ban: In 2024, the government banned cryptocurrency mining following corruption investigations that affected SUNACRIP.
Taxes: In 2022, a 20% tax was approved on cryptocurrency transactions.
The Petro: The official cryptocurrency, the Petro, created by the government in 2018, lost influence and was discontinued after a corruption scandal.
The crypto ecosystem in Venezuela
Adoption out of necessity: Venezuelans have turned to cryptocurrencies—especially dollar-linked stablecoins such as USDT—to protect their savings from the devaluation of the bolívar. In 2024, cryptocurrency adoption surged by 110% in the country.
Government-mediated exchange: As dollars become scarce, the government has allowed the use of dollar-pegged cryptocurrencies in exchange houses for the private sector.
International payments: Cryptocurrencies have become a gateway for international transfers, helping bypass banking restrictions.
Trade with intermediaries: Due to U.S. sanctions, the state oil company PDVSA has accelerated the use of cryptoassets, such as USDT, requiring payments through intermediaries for oil exports.
#trading#cipto
