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The Central Bank of Venezuela is working on a plan to dollarize the banking sector

A Bloomberg report reported this The Central Bank of Venezuela is working with executives from at least 5 private finance companies on a plan to introduce a “US dollar compensation and settlement system” to begin in 2021. S.According to reports from the American newspaper, they would count on 5 internal sources familiar with the situation to confirm the plan.

The sources said that they are trying to formalize dollar transactions within the Venezuelan financial system. You also mentioned that the plan would allow the Venezuelan bank to offer loans directly in US dollars. The bolivar, the local Venezuelan currency, would work alongside the dollar within the system.

Bloomberg reports that the new system has been proposed This would allow the central bank to act as the dollar clearing house, thus enabling the Venezuelan national banks to conduct instant transactions in dollars.

The Central Bank of Venezuela recently banned bank dollar operations

The Central Bank of Venezuela is working on a plan to dollarize the banking sector
The Central Bank of Venezuela is working on a plan to dollarize the banking sector

As we recently reported on Cointelegraph en Español, The highest Venezuelan banking authority reported to the National Bank in a circular that all “services and products that include payments in foreign currency” are prohibitedwhereas laws were still in force in the country regulating exchange controls between the bolivar and the dollar. It was also made clear in the same circular that no fintech company was authorized to provide services in a foreign currency.

However, a few days after the issue of the circular in question, AKB Fintech announced to the public that they were working on installing ATMs that will give money to their users. At the time, the company stated that as a private company, the Central Bank’s rules were not applied, although at the time when it was time to open the ATMs to the public, lThe company reported that they reversed their plans.

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