In the course of the presidential speech on the afternoon of Wednesday 24 February, Venezuelan President Nicolas Maduro introduced that They had been working to create a digital bolivar. “Now we have a shock” earlier than asserting that they’re engaged on making a digital bolivar, Maduro defined, though he didn’t present additional particulars on how they might work with that proposal.
This proposal for a digital bolivar comes after Maduro introduced his intention to digitize the Venezuelan financial system earlier this yr in 2021. As reported in Cointelegraph en Español, The Venezuelan chief expressed that he had a plan to maneuver in direction of a “100 % digital” financial system and added that the fabric cash would disappear.
Particularly, the “100%” aim to digitize the financial system appeared as soon as once more in Nicolas Maduro’s present, when He acknowledged that he had proposed the 100% digitalization of the financial system by proposing a “digital bolivar”.
Alternatively, the President additionally took the chance to finalize the formalization of the potential of opening greenback accounts inside the Venezuelan banking sector. In line with him: Individuals can open these accounts for “$ 0”, including that they are going to be useful for these receiving remittances from overseas.
Within the face of those new financial insurance policies, Maduro has as soon as once more raised the problem of sanctions imposed by international locations like the US, Switzerland and the European Union in opposition to him and public firms. As he defined, these insurance policies had been promoted within the midst of a “resistance financial system” that discovered a “haven” in the usage of international change.
This sanctions challenge was already selling different financial insurance policies, corresponding to the usage of cryptocurrencies and Petro, which the president himself had beforehand highlighted that can have a management position in overcoming sanctions limitations inside the Venezuelan financial system. Nonetheless, regardless of this, Neither cryptocurrencies nor Petro are talked about in these new insurance policies.