The possible correspondent banking agreement between the Bank of Venezuela and Erebor Bank should not be read solely as a financial operation. Above all, it is a political signal.
The price of the bolivar in crypto asset markets continues to fall at a faster rate than the US dollar rate set by the Central Bank of Venezuela (BCV), reflecting a shortage of foreign currency.
The Venezuelan economy is highly dollarized de facto. Faced with the hyperinflation of the bolivar and the chronic shortage of physical US dollars, the stablecoin Tether (USDT) has definitively become a massive refuge for both citizens and, recently, for state operations.
The New York Stock Exchange, the world’s largest by market capitalization. Photo: Carol M. Highsmith. Guacamaya, April 7, 2025. The…
