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Andean Group - February 2021

Maduro eyes digital economy in response to hyperinflation

In his annual address on 12 January, Venezuela’s de facto president, Nicolás Maduro, announced his intention for the country to move to a 100% digital economy in 2021, in an effort to tackle the problem of hyperinflation, which has plagued the country for years. Maduro first introduced this plan in an interview with television channel Telesur on 1 January, in which he claimed that just 3.4% of commercial transactions in Venezuela are made using the national currency (the Bolívar soberano) as physical currency, with most preferring to use a debit card, or increasingly to pay in US dollars.

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