Venezuela’s digital economy generates USD 80 billion a year, with no clear rules governing many of its operations.
The proposal includes regulating e-commerce, fintech, digital assets, and AI.
Tax traceability and cybersecurity are among the measure’s priorities.
A digital economy that moves billions of dollars a year and operates largely outside official records poses a regulatory challenge for authorities in Venezuela. In response, lawmaker Ramón Lobo proposed creating an Organic Law on the Digital Economy, while Richard Ujueta, president of the Venezuelan Chamber of Electronic Commerce (CAVECOM-E), called for governance and oversight mechanisms for the sector.
The legislative initiative was presented by Lobo during the International Summit on Public Management and the Digital Economy (CIGED 2026), held in Valencia, Carabobo state, from October 12 to 17. The lawmaker, a member of the Standing Committee on Economy, Finance and National Development, explained that the legislation aims to organize and promote the technology ecosystem through a common regulatory framework.
The proposal would cover activities such as e-commerce, financial technology (fintech), digital assets, artificial intelligence and cybersecurity. It would also serve as a basis for developing specific legislation in these areas.
Lobo maintained that regulations must keep pace with technological advances, without being tied to particular brands or tools. To that end, he proposed principles such as technological neutrality, interoperability and protection. He also proposed creating a National Council for the Digital Economy, bringing together representatives of the state, universities, business associations and socio-productive organizations, without encroaching on the powers of the Central Bank of Venezuela or the Ministry of Science and Technology.
For his part, Ujueta estimated that Venezuela's digital economy generates some $80 billion a year. According to the trade association representative, this figure includes everything from sales made through social media to electronic payments and consumer financing options, many of which are not included in official records.
The president of CAVECOM-E also highlighted the growth of e-commerce, which increased by 84% between January and September 2026, after expanding by 125% in 2025.
Among the drivers of this activity, he cited mobile payments, with around 80,500 transactions per minute and a projected value of more than $70 billion in transactions by the end of the year. He also noted that “buy now, pay later” financing grew by 160%, while USDT transactions exceeded $39 billion through midyear.
Ujueta supported discussions on drafting the new law and highlighted the importance of updating regulations to improve transparency, tax traceability and cybersecurity.
The conclusions of CIGED 2026 will be compiled in a white paper to be presented to authorities, business leaders and academic representatives, with the aim of turning the proposals into a roadmap for the development of the digital economy.
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