The Venezuelan economy is at a tipping point where the coexistence of different currency symbols becomes a de facto reality. In light of this scenario, economist Asdrubal Oliveros proposes introducing a “multi-currency” banking and payment system model. This structure allows for the free circulation of foreign currencies, crypto assets and other digital currencies under a flexible legal framework.
Oliveros’ proposal moves away from the rigidity of public dollarization, which would mean “a complete loss of monetary autonomy,” he asserts. Instead, financial analysts are proposing a scheme where the bolivar coexists without restrictions with the dollar, euro, and digital assets such as Bitcoin (BTC) and US Dollar Tether (USDT).
“I think this flexibility will benefit the economy,” Oliveros said in a conversation with CriptoNoticias. For experts, this solution is “much more sound” for the situation in Venezuela, as it would officially verify that currencies such as Colombian pesos and Brazilian reals are in circulation in border areas. On the other hand, national banks offer payment systems that are integrated with accounts.
Under this model, The Venezuelan state will remain active in Bolivarian. However, financial systems will be able to transparently process transactions in multiple currencies and digital currencies.
As he explains, the aim is to help the banking sector Become an “active actor” in this ecosystem This prevents any operation outside the traditional circuit.
Banking and digital asset wallet integration
One of the most disruptive aspects of Mr. Oliveros’ proposal is the active inclusion of the banking sector in the digital currency environment. This means that a large portion of the population Use these assets as a savings mechanism and means of payment In the face of exchange rate instability in oil producing countries.
“We are talking about about 25% of the population (7.1 million people) using cryptocurrencies, and it is no small thing that they can also pay with their wallets,” Oliveros says.
This estimate is consistent with data from chainalysis firms that estimate that Caribbean countries have registered a large number of transactions. In 2025, the total value of cryptocurrencies will be worth USD 44.6 billion. This can be seen in the following graph.
The university professor also argues that the financial system: You must integrate with these assets to remove the current limitations.
In Oliveros’ opinion, Venezuela’s banking industry could “develop wallets and develop integration mechanisms with digital currency applications.” He thinks this will make professional custody easier. and the entry of new businesses into the domestic market.
Multi-currency environment is already known in Venezuela
The idea of a multi-currency environment for Venezuela, proposed by Mr. Oliveros, has been experienced in the country’s streets for more than five years, although it has not been officially announced. There, informality gives life to a space where different currencies come together. Also, at the border, There, the use of Colombian pesos and Brazilian reals is part of everyday life.
In fact, this reality continues today. In Tachira state, Colombian peso will remain the main payment currency in 2025. Until December last year, the Colombian currency dominated 64% of the market, compared with 30% for the bolivar and 6% for the U.S. dollar, according to data from border analyst William Gomez.
Currently, this power relationship is not formalized beyond tacit recognition by national authorities. This is due to the introduction of the Large Financial Transactions Tax (IGTF) in 2022, which will tax not only virtual currencies but also business in foreign currencies.
Therefore, Oliveros cautions that to achieve this multi-currency environment: Structural changes are needed in the regulatory framework. Specifically, in the exchange agreements established by the Central Bank of Venezuela (BCV).
In his view, “exchange agreements will need to be redefined, some aspects of banking law will need to be amended, and perhaps executive orders will need to be issued.”
Logistics Mitigation Risks in Venezuela
The proposal to formally introduce a multi-currency system in Venezuela Legal recognition of financial fragmentation It is already improvised in the country.
Therefore, this may not resolve the cause of financial instability. In either case, the complexity of the informal market will be transferred to the banking system. Indeed, Oliveros’ proposal emphasizes the flexibility of technology and exchange. It is insufficient without a solid institutional foundation.
Therefore, as long as structural distortions and constant lack of financial flows continue, Multi-currency model risks becoming a logistical mitigation measure It may encourage trade, but it cannot restore confidence or even guarantee lasting price stability.