Venezuelas Possible Move to Bring Bitcoin Into Banks

Venezuela is making a bold move that could change how countries handle cryptocurrency. The nation plans to let its banks offer Bitcoin and stablecoin services directly to customers starting in December 2025. This makes Venezuela one of the first countries to fully merge digital money with traditional banking.

The payment company Conexus, which handles 40% of Venezuela’s electronic transfers, announced plans to build a blockchain-based system for banks. Once live, Venezuelans will be able to store, send, and exchange Bitcoin and Tether (USDT) through their regular bank accounts—no special crypto apps needed.

Why Venezuela Needs This Change

Venezuela’s economy has been in crisis for years. The country’s currency, the bolivar, has lost so much value that it’s become nearly worthless. The bolivar lost 14 zeros across recent presidencies, with inflation once hitting 1.7 million percent.

When your money loses value that fast, people look for alternatives. That’s exactly what happened in Venezuela. Citizens started using stablecoins—digital currencies tied to the US dollar—to protect their savings and handle daily purchases.

The numbers tell the story. Venezuela ranked 13th globally for crypto adoption in 2024, with usage jumping 110% in just one year. About $44.6 billion worth of cryptocurrency flowed into Venezuela between July 2024 and June 2025. That’s massive for a country with a $100 billion economy.

Nearly half of all small crypto transactions in Venezuela now involve stablecoins. People use them to buy groceries, pay rent, and keep their money from losing value overnight.

How the Banking System Will Work

Conexus President Rodolfo Gasparri explained that the new system will let banks offer three main services: custody (safely storing crypto), transfers (sending it to others), and fiat exchange (swapping between crypto and bolivars).

The goal is to make using crypto as easy as using a regular bank account. Instead of downloading crypto apps or dealing with complicated wallet addresses, people will manage their Bitcoin and stablecoins through their existing bank interface.

Banks will follow government regulations, which means customers get legal protections they don’t have with underground crypto exchanges. Gasparri said the system will “regulate the circulation of Bitcoin and USDT with transparency and appropriate regulations.”

The platform builds on blockchain technology to make transactions secure and traceable. Every transaction gets recorded on a public ledger that can’t be changed, making it harder for corruption to happen.

Venezuelans Already Use Crypto Daily

This banking integration isn’t creating demand—it’s responding to it. Venezuelans have already been using crypto to survive the economic crisis.

Walk into stores across Venezuela and you’ll find many accept crypto payments through platforms like Binance and Airtm. Some companies even pay employee salaries in stablecoins. Universities now offer courses about digital assets.

Remittances—money sent home from relatives working abroad—have become crucial as millions fled Venezuela’s crisis. About 25% of the population left the country over the past decade. Digital currencies made it faster and cheaper to send money home compared to traditional services like Western Union.

In 2023, $461 million in remittances came through stablecoins alone. That’s 9% of all money sent to Venezuela from overseas.

Political Support and Opposition Plans

The Venezuelan government hasn’t created official crypto regulations yet, but it’s allowing this crypto economy to grow. President Nicolás Maduro recently said he wants to return to the “crypto path” because it brings foreign currency into the country.

The government tried launching its own cryptocurrency called the Petro in 2018, but it failed due to corruption and lack of trust. This time, the approach is different—letting the private sector build the infrastructure while banks provide oversight.

Meanwhile, opposition leader María Corina Machado, who won the 2025 Nobel Peace Prize, proposed an even bigger idea. She wants Venezuela to include Bitcoin in its national reserves once the country transitions to democracy. She called Bitcoin a “lifeline” that helped Venezuelans survive hyperinflation.

What This Means for Other Countries

If Venezuela’s system works, it could become a model for other nations facing economic troubles. Many developing countries struggle with currency instability, high inflation, and limited banking access. Venezuela is showing how blockchain technology might help solve these problems.

The country isn’t alone in exploring crypto banking. El Salvador made Bitcoin legal tender in 2021 but reversed that decision in January 2025 under IMF pressure. However, the country passed laws in August 2025 letting investment banks offer crypto services. Venezuela’s approach is different—it’s integrating crypto into the existing banking system rather than making it mandatory currency.

Global financial institutions are watching closely. Major banks in the United States, including JPMorgan and Morgan Stanley, already let clients buy and hold crypto. Even SWIFT, the international banking network, announced plans for a blockchain system focused on stablecoins.

Venezuela’s experiment happens at a critical moment. The combination of government tolerance, genuine public need, and private sector innovation creates conditions that rarely exist together. About $20 billion poured into Venezuela’s economy through cryptocurrency in 2024—representing a sizable portion of the nation’s $100 billion GDP.

The Digital Peso Paradox

Venezuela’s path to crypto banking reveals an uncomfortable truth: sometimes the worst economic disasters spark the most innovative financial solutions. While citizens didn’t choose this crisis, they’re showing the world what happens when traditional money stops working and people find better alternatives.

The December launch will test whether formal banking can successfully adopt technology that grew popular precisely because it worked outside the banking system. If Conexus succeeds, millions of Venezuelans will gain safer access to the digital currencies they’re already using—and other countries facing similar crises might follow the same path.