It might be a “a lot more healthy answer for the Venezuelan financial system,” as a substitute of dollarization.
Oliveros believes that banks can develop wallets or mechanisms to combine cryptocurrencies.
The Venezuelan financial system is at a turning level the place the coexistence of varied financial indicators is a de facto actuality. Given this state of affairs, economist Asdrúbal Oliveros proposes the implementation of a “multi-currency” banking and fee techniques mannequin. This construction would enable the free circulation of foreign exchange, cryptoassets and different digital currencies beneath a versatile authorized framework.
This Oliveros proposal strikes away from the rigidity of official dollarization, which, he assures, would suggest the “whole lack of financial autonomy.” As an alternative, the monetary analyst suggests a scheme the place the bolivar coexists with out restrictions with the greenback, the euro and digital belongings, equivalent to bitcoin (BTC) or USD Tether (USDT).
“I believe that this flexibility advantages the financial system,” says Oliveros in dialogue with CriptoNoticias. For the specialist, this answer is “a lot more healthy” for the Venezuelan context, since it might formally validate that currencies such because the Colombian peso or the Brazilian actual flow into in border areas. whereas the nationwide financial institution provides accounts and built-in fee techniques.
Below this mannequin, The Venezuelan State would preserve its operations in bolivars. However the monetary system could be enabled to course of transactions in a number of currencies and digital currencies transparently.
The target, as he explains, is that the banking sector will be an “energetic actor” on this ecosystem in order that operations cease occurring outdoors the standard circuit.
Banking integration with digital asset wallets
One of the crucial disruptive factors of Oliveros’ proposal is the energetic inclusion of the banking sector within the digital forex surroundings. This bearing in mind {that a} appreciable a part of the inhabitants makes use of these belongings as a financial savings mechanism and technique of fee within the face of change price instability within the oil-producing nation.
«We’re speaking about round 25% of the inhabitants (7.1 million folks) that use cryptocurrencies. It’s no small factor that they’ll additionally pay with their wallets,” says Oliveros.
This estimate coincides with knowledge from the Chainalysis agency, which estimates that the Caribbean nation registered a quantity of transactions equal to USD 44.6 billion in cryptocurrencies throughout 2025. That is seen within the following graph:
The college professor additionally maintains that the monetary system must be built-in with these belongings to take away present restrictions.
In Oliveros’ opinion, Venezuelan banking is able to “creating wallets or integration mechanisms with some digital forex purposes.” He thinks this could facilitate skilled custody and the entry of latest operators to the nationwide market.
The multicurrency surroundings is already identified in Venezuela
The concept proposed by Oliveros of a multicurrency surroundings for Venezuela, though it has not been made official, has been skilled in observe on the streets of the nation for greater than 5 years. There, informality has given life to an area the place completely different currencies converge. Additionally, on the borders, the place the usage of the Colombian peso and the Brazilian actual has turn into a part of on a regular basis life.
In truth, this actuality persists immediately. Within the state of Táchira, The Colombian peso remained the primary fee forex in 2025. In line with knowledge from William Gómez, an analyst on border points, the Colombian forex concentrated 64% of the market till December of final yr, in comparison with 30% for the bolivar and 6% for the US greenback.
Now, there isn’t any officialization of this dynamic, past a tacit recognition by the nation’s authorities. It’s because in 2022 they carried out the Massive Monetary Transactions Tax (IGTF) to tax operations in overseas forex, in addition to cryptocurrencies.
Subsequently, Oliveros warns that, to attain this multicurrency surroundings, Structural adjustments are required within the regulatory framework. Particularly within the change agreements dictated by the Central Financial institution of Venezuela (BCV).
As he sees it, “the change settlement must be redefined, some factors of the Banking Legislation must be modified and, most likely, a presidential decree issued.”
The danger of being a logistical palliative in Venezuela
The proposal to formalize a multicurrency system in Venezuela would symbolize the authorized recognition of monetary fragmentation that already operates improvisedly within the nation.
This, consequently, could not resolve the causes of monetary instability. In any case, it might switch the complexity of the casual market to the banking system. In truth, Oliveros’ proposal emphasizes that expertise and change flexibility They’re inadequate and not using a stable institutional basis.
Subsequently, so long as structural distortions and the shortage of fixed monetary flows persist, a multicurrency mannequin runs the danger of being a logistical palliative which, though it could facilitate transactions, will probably be incapable of restoring confidence and, moreover, guaranteeing lasting value stability.
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