Venezuela’s reliance on blockchain technology for banking is expected to grow due to economic pressures. Regulatory uncertainty and eroding trust in traditional banks may increase the population’s dependence on stablecoins. The country ranks 18th globally for crypto adoption, but rises to 9th adjusted for population size, with P2P transactions being key services used by Venezuelans.

Stablecoins, particularly USDT, play a significant role in household and commercial transactions in Venezuela. The crypto industry in the country emerged out of economic collapse and international sanctions pressure. Despite concerns about compliance and sanction evasion, stablecoins are driven by necessity for everyday transactions in the absence of reliable banking services.

Read more at Cointelegraph: Crypto Use in Venezuela Likely to Rise as Economic Pressures Intensify