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  HOME | Venezuela (Click here for more Venezuela news)

Electronic Transactions, Digital Economy to Gain Strength in Venezuela This Year

CARACAS – Venezuela’s economy is about to go all-digital as electronic transactions will lead the way this year after the leftist government of Nicolás Maduro registered an increase in the use of this type of mechanisms in 2020, Calixto Ortega, president of the Central Bank of Venezuela (BCV), said on Friday.

“We will focus on strengthening electronic transactions and the digital economy this 2021,” Ortega pointed out.

Members of the Maduro administration gathered up on Friday for a meeting with Venezuela’s banking sector to assess all the necessary mechanisms in order to “strengthen the digital economy.”

Apart from Ortega, the meeting was attended by Vice President Delcy Rodríguez; the Vice President of the Economic Area, Tareck El Aissami, among other top government members, and was broadcast by the state-owned TV network Venezolana de Televisión (VTV).

Likewise, the so-called “Anti-Blockade Law,” which overrides legal norms to give Maduro room for legal maneuver and little obligation to render accounts as it tries to avoid the severe economic sanctions imposed by various countries and regions, including the US and the EU, approved by the pro-government National Constituent Assembly of Venezuela (ANC), was also introduced to VTV viewers.

Maduro had already laid stress on the importance of strengthening Venezuela’s economy during a speech on January 1, in which he called on the Office of the Superintendent of Banking Sector Institutions (SUDEBAN) to carry out the necessary actions for the implementation of payment methods through cutting-edge technology to boost the nation’s economy.

 

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