Companies in Venezuela must look to the crypto market:

Since the birth of the crypto market, monetary authorities and regulators have been distrustful of this ecosystem, considering it opaque, filled with scandals, and deregulated. They warned investors that it was better not to get involved: extreme volatility and high risk posed a danger to anyone. Few trusted in the survival of this market; only the most devoted saw potential. But something is changing. Monetary authorities, who continue to alert about the risks of this market, have, in some cases, moderated their stance. Especially in light of the rise of stablecoins. Their widespread use as a store of value, as a means of payment, or for transferring money is becoming established: as of today, this market is worth about US$ 265.000 billion, and dollar-linked assets represent 99% of its total capitalization.

The use of stablecoins to settle currencies in Venezuela through formal mechanisms will become increasingly common, and Venezuelan companies need to understand how this market works from a financial, accounting, and tax perspective. Let it not take them by surprise...

Asdrubal Oliveros

Economist.

Director of Ecoanalitica.

#VenezuelaEconomiaCrypto.