đ Seven banks, one goal: rebuilding
The Banking Association of Venezuela (Asobanca) confirmed that seven entitiesâthree public and four privateâwill join the social credit program announced by the National Government. The initiative seeks to support families that lost their primary homes after the earthquakes of last June 24. Asobanca President Pedro Pacheco explained that the funds come from the State and will be managed through a trust, where the bank acts as the administrator.
The process requires a prior census before the Ministry of Habitat and Housing, a certificate proving that the property is collapsed, and documentation that establishes ownership of the lost home. Interested parties must fill out a form at the financial institution and submit additional items such as bank statements and proof of income. The monthly installment should not exceed 25% of the applicantâs income, according to Pachecoâs statements.
đ Dollars for the seller: a break from the traditional scheme
One of the most relevant details of the program is that, once the credit has been approved and the property has been identified, the seller will receive the payment in foreign currency. Pacheco was emphatic: ÂŤWhoever sells the property will receive the dollars; they are not indexed bolĂvaresÂť. This condition represents a significant difference compared to other financing mechanisms in Venezuela, where payments in national currency or indexed to the official exchange rate predominate.
What does this mean in practice? That state funds are being routed through the banking system, but with a final disbursement in foreign currency. This could encourage greater circulation of physical dollars within the formal and informal circuit, directly affecting the liquidity of the foreign exchange market. Itâs no secret that in Venezuela the dollar has become the main store of value, and this move reinforces that trend.
đ The P2P effect: opportunity or pressure?
The arrival of dollars into the system can have a double effect on the P2P market (peer-to-peer) for cryptocurrencies. On the one hand, the increase in the supply of foreign currency in banks could put downward pressure on the exchange rate at money desks, at least temporarily. This could translate into a smaller gap between the official dollar and the parallel one, a factor that P2P operators closely watch.
On the other hand, the need to convert those dollars into bolĂvares for everyday expenses or to invest them in more liquid assets could boost demand for USDT and other stablecoins. Many Venezuelans prefer keeping their savings in dollar-pegged cryptocurrencies because it makes it easy to move funds without depending on banking hours or paying high fees. In this way, social credit could become an indirect driver for crypto adoption.
đ° USDT vs. cash dollar: whatâs best for the user?
In the PitbullChain ecosystem we always recommend comparing options before making financial decisions. While cash dollars are widely accepted in Venezuelan commerce, USDT offers advantages such as immediacy in transfers, the possibility of fractionalization, and protection against theft. In addition, given current inflation levels, keeping funds in bolĂvares is risky; USDT and the dollar are safe havens.
If the affected people receive credits to buy homes, but the seller receives dollars, those dollars may end up in bank accounts or digital wallets. Venezuelan banking already offers accounts in foreign currency, but withdrawal restrictions and commissions remain a headache. This is where P2P emerges as a real alternative to dollarize without friction.
đ Read the full article: https://pitbullchain.com/noticias/credito-en-dolares-la-banca-venezolana-se-alia-con-el-p2p-y-el-usdt-476956
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