ChainCatcher news, according to Cryptonews, based on the latest report, Venezuelans are "turning to cryptocurrency" to cope with inflation instead of relying on the US dollar. Experts say that stablecoin trading currently accounts for nearly half of the total cryptocurrency trading volume in Venezuela.

Venezuelans are increasingly using Bitcoin (BTC) and other cryptocurrencies for convenient transactions, receiving remittances, and "avoiding the effects of the devaluation of the Bolívar currency." Although cryptocurrency exchanges are not regulated, the government "tolerates" their existence because they help introduce foreign exchange.