The adoption of cryptocurrency in Venezuela has surged amid inflation and the collapse of the national currency.

Electronic Money is gradually becoming a pillar of Venezuela’s economy as people seek to protect their assets against the depreciating bolívar and the government’s tight control. More and more stores, from small retailers to large chains, accept payments through Binance, Airtm; some businesses pay salaries in stablecoin, while universities offer courses on digital assets.

According to Chainalysis, Venezuela ranks 13th globally in terms of crypto adoption, increasing by 110% in the past year. The bolívar has lost more than 70% of its value since October 2024, with inflation reaching 229% in May, leading to a surge in demand for electronic money. However, US sanctions, restrictions from Binance, and connectivity issues continue to pose challenges.

Crypto has also become an important remittance channel, accounting for 9% of the total 5.4 billion USD in 2023. Meanwhile, military tensions between the US and Venezuela continue to escalate in the Caribbean.