Venezuela ranked 13th globally for crypto adoption, according to the Chainalysis 2024 Crypto Adoption Index\u00a0report<\/a>, which noted a 110% increase in usage in the year.<\/p>\n Related: Venezuela blocks Binance, X amid presidential election dispute<\/a><\/p>\n Bol\u00edvar\u2019s crash pushes Venezuelans into crypto<\/p>\n The continued slide of the bol\u00edvar currency has intensified demand for crypto. Since the government stopped defending the currency in October, it has lost more than 70% of its value. Inflation reached 229% in May, according to the Venezuelan Finance Observatory (OVF).<\/p>\n \u201cVenezuelans started using cryptocurrencies out of necessity,\u201d said economist Aar\u00f3n Olmos. He noted that they face inflation, low wages, foreign currency shortages and difficulty opening bank accounts.<\/p>\n However, access is not always smooth. With US sanctions on Venezuela\u2019s financial sector, Binance restricts services linked to sanctioned banks and individuals. Connectivity issues also hinder widespread use. Still, experts say the ecosystem is resilient, per the FT report.<\/p>\n The government\u2019s stance on crypto remains inconsistent. Venezuela launched its own digital currency<\/a>, the petro, in 2018, but the project collapsed last year<\/a>. The main exchange regulator was shut down in 2023<\/a> following corruption allegations tied to oil-linked transactions.<\/p>\n Cointelegraph reached out to Binance for comment, but had not received a response by publication.<\/p>\n Related: Venezuela opposition\u2019s Bitcoin reserve plan must overcome political turmoil first<\/a><\/p>\n Crypto remittances surge in Venezuela<\/p>\n As Cointelegraph reported, crypto remittances have become a crucial lifeline<\/a> for Venezuelans as the country\u2019s economy sinks deeper into crisis. In 2023, digital assets made up 9% of the $5.4 billion in remittances sent home, about $461 million.<\/p>\n Families are increasingly relying on cryptocurrencies over traditional services like Western Union, which are weighed down by high fees, delays and currency shortages.<\/p>\n Meanwhile, military tensions are rising between the US and Venezuela. On Tuesday, Venezuela\u2019s defense minister announced the deployment of naval vessels<\/a> and drones to patrol the country\u2019s Caribbean coast following Washington\u2019s decision to send an amphibious squadron of three warships, joined later by a missile cruiser and a nuclear-powered submarine, to the region.<\/p>\n The buildup comes after the Trump administration accused President Nicol\u00e1s Maduro of working with cartels and expanded its pursuit of Venezuelan leaders, doubling the reward for Maduro\u2019s capture to $50 million and offering $25 million for Interior Minister Diosdado Cabello.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/0198ea6e-b482-7873-9314-02a860c368b0.png\" "\\"\\"\/")
Venezuela ranked 13th globally for crypto adoption. Source: Chainalysis<\/p>\n