Financial Education - Use of foreign currencies and cryptoassets

In countries such as Venezuela, the use of foreign currencies such as the dollar, Euro, Colombian Pesos and cryptocurrencies is handled unofficially, but nevertheless, 67% of commercial transactions in the 10 main cities of the country are carried out with a currency other than the bolivar; which implies an increase of 27 percentage points with the first study of this type.

On the other hand, in 5% of the operations the Colombian peso is used, 2% of the operations use euros and in 1.9% of the cases for the operations cryptocurrencies are used.

On the other hand, among the conclusions of the study it stands out that in the border city 98% of the commercial transactions were paid with a currency other than the bolivar.

In view of the above, foreign currencies such as the dollar, euro, pesos and cryptocurrencies are accepted as a form of payment in Venezuela. It is important to note that the value of the main foreign currencies is recognized by means of an official reference value and a parallel one.

Among the main cryptoassets used in the country are: Petros, Pay pal, Bitcoin, Zelle. The sovereign cryptoasset "Petro" is the first cryptocurrency issued by a State and backed with its natural resources, whose main purpose of creation was the reactivation of the national economy.