Venezuela’s Hyper-Adoption: How 10% of the Population Now Uses Crypto for Survival

• Venezuela’s crypto adoption doubles annually, ranking second in Latin America with $100M monthly P2P volume.

• Stablecoins like USDT provide an inflation shield for 10% of Venezuelans in daily transactions.

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The use of cryptocurrencies in Venezuela is doubling every year, a direct response to the persistent erosion of the local currency. The country currently holds second place in crypto adoption in Latin America, a position only surpassed by Brazil.

The volume of peer-to-peer transactions in the nation already exceeds $100 million monthly. One in ten people in Venezuela uses these monetary assets as a payment method for everyday transactions.

Engineer Aníbal Garrido, director of the Blockchain Trading and Crypto Assets Academy at the Universidad Católica Andrés Bello, provided these figures. Garrido emphasized that Venezuela possesses one of the most robust legal frameworks globally for the crypto asset market.

He acknowledged that a higher level of regulatory development is required, but affirmed that the current legal structure is one of the most complete and confidence-building available.

Venezuela Regulatory and Operational Mechanisms

Only two companies have received authorization from the National Superintendence of Crypto Assets (Sunacrip) to process exchanges of these assets. These operate under the brands Crixto and Kontigo. Garrido anticipates the incorporation of more companies in the short term.

The professor clarified that Sunacrip is not closed, but rather under intervention, and maintains operability behind closed doors. This continued operability allows for the issuance of licenses for exchange houses and their transaction applications.

Adoption stems primarily from necessity within a complex economic environment. Garrido stated during a presentation at the Conindustria 2026 projections event that Venezuelans are adopting cryptocurrencies out of pure need, not as a trend.

Data from the firm Chainalysis confirms that cryptocurrency use in Venezuela is growing at rates exceeding 100% year-over-year. Citizens use these assets for exchange rate hedging and to make payments within an expanding commercial network. 

Commercial Integration and Practical Applications

The most efficient way to expand this market is for merchants to integrate cryptocurrencies as a payment option for their goods and services. Companies within the system have already developed exchange mechanisms that facilitate simple and secure access for the general public and the private sector.

The system deducts the equivalent amount in USDT from the customer’s digital wallet. This process safeguards the value of the money in a complex inflationary environment. However, the final payment is made in bolívars through an automatic conversion model. The merchant receives the payment in national currency at the official exchange rate, without direct exposure to the volatility of the crypto asset.

Future Projection and Tokenization

Tokenization represents the next functional frontier. This process converts sensitive data into a non-sensitive digital replacement, called a token, which is linked to the original data stored securely.

According to Garrido, this system could allow Venezuelans, who face limitations in conducting financial operations abroad, to use their cryptocurrencies to invest in tokenized assets. Garrido indicated that, through blockchain, a person can use USDT, obtained from bolívars, to invest in any tokenized share from the US stock market.

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