Venezuela will integrate cryptocurrency into the banking system

Key points:

• Conexus, which manages one of Venezuela’s largest banking networks, is developing a blockchain platform to integrate cryptocurrencies into the national financial system.
• The project will allow banks to provide services for storing and transferring stablecoins and bitcoins under state control.
• The initiative is scheduled to launch in December 2025 and could make Venezuela one of the first countries to fully integrate cryptocurrencies into its banking infrastructure.

Rodolfo Gasparri, the president of Conexus, the company that manages one of the two banking networks operating in Venezuela, spoke about the creation of an interbank network based on blockchain. It will allow banks to store stablecoins and perform interbank transactions with cryptocurrencies.

Gasparri considers the introduction of a crypto model into the banking sector to be a natural and inevitable step in the development of the financial system. He explained:

“We are working on a blockchain project because currencies fluctuate a lot, and nowadays, people in Venezuela hedge with stablecoins. In fact, there are two authorized applications in the country. Conexus’ vision is that this blockchain network will allow bank customers to make deposits in cryptocurrencies.”

Venezuela’s banking system is preparing to integrate cryptocurrencies

Conexus, which processes about 40% of all electronic transfers in Venezuela, is developing a system that will allow banks to provide regulated cryptocurrency services. This means that Venezuelans will soon be able to:

• deposit bitcoins and stablecoins, such as USDT, into their bank accounts;
• transfer digital assets between banks;
• convert bolivars into digital currencies under the control of the authorities.

These services will operate within the existing financial system, eliminating the need for external platforms and P2P exchanges.

The system is scheduled to launch in December 2025. If successful, Venezuela will become one of the first countries in the world to fully integrate cryptocurrency into its state banking network.

Gasparri cited the example of BBVA bank in Spain, whose mobile app already supports USDT transactions and which provides cryptocurrency storage services.