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Venezuela has arrested moderators of a popular Instagram page publishing parallel exchange rates, accusing them of terrorism and fraud. The crackdown aims to enforce the central bank’s official rate but risks accelerating the adoption of stablecoins. Citizens and businesses are increasingly turning to digital dollars to bypass the bolívar’s volatility.
- Venezuela's crackdown on unofficial exchange rate postings has led to arrests and business inspections, aiming to enforce the central bank's official rate.
- Stablecoin usage in Venezuela surged 110% in 2024, with $20 billion moved via crypto, as citizens seek alternatives to the bolívar's volatility.
- The government's actions may backfire, accelerating adoption of stablecoins and peer-to-peer trading, which are harder to police than traditional forex channels.
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