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- Venezuelan banks explore holding digital assets like USDT, but a solid regulatory framework is missing.
- Current Venezuelan law regulates crypto exchanges but does not permit traditional banks to operate with them.
Interest from Venezuelan banks in operating directly with cryptocurrencies has sparked a public debate. The conversation began after a revelation from Rodolfo Gasparri, president of the transaction processing firm Conexus.
Gasparri indicated that his organization is developing a platform to enable national banks to operate with crypto assets. However, this project confronts a legal reality: Venezuela lacks a regulatory framework that authorizes or governs this activity for traditional financial institutions.
Asdrúbal Oliveros Emphasizes Regulation as an Indispensable First Step
Oliveros views the Conexus initiative to create a blockchain application for USDT and other cryptocurrency custody by banks with optimism. Nevertheless, his position is clear regarding the prerequisites. The expert states that the massive adoption of USDT and its potential integration with the banking system depends inexorably on a solid regulatory framework.
Oliveros explained that the Venezuelan banking system operates under strict supervision from several entities. He mentioned the Central Bank of Venezuela (BCV), the Superintendency of Banking Sector Institutions (Sudeban), and the National Superintendency of Cryptoassets (Sunacrip). His main statement was blunt: “first, regulation is needed.”
I think it’s interesting that this is being considered. Of course, there are operational challenges, but above all regulatory ones. Banking in Venezuela is a heavily regulated system, not just by one body but by several, in this case the Central Bank of Venezuela (BCV), the Superintendency of Banking Sector Institutions (Sudeban), and the National Superintendency of Crypto Assets (Sunacrip); first, it must be regulated. Asdrúbal Oliveros, Venezuelan economist.
The economist believes that expanding the offer of crypto asset services to include the national bank would directly benefit users. This integration would facilitate safer and more efficient access to digital assets in an economy where USDT functions as a refuge against exchange rate volatility.
Current Regulations Exclude a Direct Link with Banking
Multiple regulations for cryptoassets exist, including a Constituent Decree on Cryptoassets and the Sovereign Petro Cryptocurrency. There are also fiscal and tax rules, and specific provisions for exchanges based on standards from the Financial Action Task Force (FATF).
Despite this legal body, current laws do not establish a direct link between the national financial system and digital assets. This regulatory gap prevents banks from participating actively, unlike authorized exchange houses like Crixto or Kontigo.
Aníbal Garrido, a professor and director of the Blockchain Academy at the Andrés Bello Catholic University, agrees with this assessment. Garrido indicates that the current regulation is not permissive enough to integrate banks as an active player.
I am eagerly awaiting all the integration processes. We have regulations that are not currently very permissive when it comes to integrating banks as active players, which is not the case with exchange houses. I think the news (about Conexus) is positive, but it needs to be assessed and measured in its proper context.
Aníbal Garrido, Venezuelan bitcoin user and professor.
Potential Services Depend on a Future Legal Framework
The question then arises about the services Venezuelan banks could offer if the necessary regulations were in place. Aníbal Garrido points out that the range of possibilities is broad. He mentions digital asset custody operations, remittance management, and payment dispersal systems.
For his part, Asdrúbal Oliveros envisions a gateway to new mechanisms for cryptocurrency wallets, novel foreign currency allocation systems, and integration with traditional payment methods like cards. He also contemplates the possibility of direct transfers using stablecoins.
The concept of a regulatory sandbox, or controlled testing environment, proposed by Conexus, appears as a potential first step. This mechanism, potentially supervised by the BCV and Sudeban, would allow for the identification of flaws and the measurement of transaction volumes with USDT or other digital assets in a contained setting.