Crypto usage in Venezuela grew by 110% in a year

Venezuelans are increasingly turning to cryptocurrency in their daily lives. Almost all stores in the country accept digital assets through Binance and Airtm platforms. Some companies pay salaries in stablecoins, and universities are offering courses on crypto literacy.

According to the 2024 Chainalysis Global Crypto Adoption Index, Venezuela ranked 13th in the world for cryptocurrency adoption. Over the year, crypto usage in the country increased by 110%.

The growing demand for cryptocurrency is linked to the ongoing devaluation of the local currency — the bolivar. Since October 2024, when the government stopped regulating it, the bolivar has lost more than 70% of its value. According to the Venezuelan Financial Observatory, inflation reached 229% in May.

“Venezuelans started using cryptocurrencies out of necessity,” said economist Aaron Olmos.

At the same time, the government’s stance on cryptocurrencies remains inconsistent. Venezuela launched its own digital currency, Petro, in 2018, but the project failed last year. In 2023, the country’s main exchange regulator was shut down over corruption allegations tied to oil-related transactions.

See also: "Google Cloud is testing its own blockchain GCUL for payments"

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