“First we have to regulate”: Asdrúbal Oliveros on banking in Venezuela and cryptocurrencies

Venezuela is escalating its adoption of cryptocurrencies, but what is being talked about today about USDT, for example, or the expansion of services such as Crixto or Kontigo, have been preceded by regulatory advances on how to file a tax return with digital assets or setbacks regarding the suspension of Bitcoin (BTC) mining.

This coming and going linked to digital assets has a new chapter today, although not in practice, but in the possibilities that this opens up. It’s about how Banking in Venezuela could directly approach cryptocurrencies. It is undoubtedly a topic that arouses interest, although the conversation is still very early.

The origin of the debate began when Rodolfo Gasparri, president of Conexus, a company specialized in the processing of electronic transactions, revealed that his organization was working on a platform that would allow national banks to operate with digital assets. This is framed, however, in the fact that in Venezuela there is still no regulation on the subject.

With this panorama as context, voices like that of economist Asdrúbal Oliveros emphasize that the massive adoption of USDT in Venezuela and its Possible link with banks inexorably requires a solid regulatory frameworkcapable of uniting traditional financial institutions with the world of cryptocurrencies.

Oliveros, managing partner of Econanalítica, is optimistic about Conexus’ initiative to develop a blockchain-based application for banks to custody USDT and other cryptocurrencies. However, its reading is preceded by establishing clear rules. When consulted by NoticiasVE about this point, he commented:

I think it’s interesting that this is brought up. Of course it has operational challenges, but above all regulatory ones. Banking in Venezuela is a strongly regulated system, not only by one organization but by several, in this case the Central Bank of Venezuela (BCV), the Superintendency of Institutions of the banking sector (Sudeban) and the National Superintendency of Crypto Assets (Sunacrip); First you have to regulate.

Asdrúbal Oliveros, Venezuelan economist.

Beyond the services offered by the cryptocurrency platforms Crixto and Kontigo, companies authorized by the Venezuelan State to operate in the country, Oliveros is one of those who believes that this niche should expand even further, including national banking.

The specialist considers that expanding this offer, including banks, would not only give depth to the ecosystem, but would directly benefit users, facilitating safer access and efficient to digital assets in a country where USDT already acts as a refuge against exchange volatility. But he emphasizes, «the regulatory framework must first be defined.»

This emphasis on regulation resonates with the sandbox proposed by Conexus, a controlled testing environment that could be supervised by the BCV and Sudeban, designed to detect flaws and measure transaction volumes with USDT or other digital assets.

Oliveros warns, however, that for more ambitious alliances—such as those that could occur between exchanges and banks—“the regulator has to show willingness,” since the bank cannot act without the explicit consent of these organizations.

There is regulation for cryptocurrency exchanges, not for banking

The multiple regulations of digital assets in Venezuela are varied and go through a Constituent Decree on Cryptoassets and the Sovereign Petro Cryptocurrency, Constituent Decree on the Comprehensive System of Cryptoassets, Fiscal and Tax Regulations or the legalization of Bitcoin mining. There are also provisions for exchanges and rules governed by the Financial Action Task Force (FATF).

Beyond all this legislative articulation, current laws do not establish a link with the national financial system and digital assets directly. Something that is also highlighted by the popularizer Aníbal Garrido, professor and director of the Academy of Blockchain, Trading and Cryptoactives at the Andrés Bello Catholic University (UCAB).

I look forward to all the integration processes. We have a regulation that at this moment is not so permissible in the case of integrating the bank as an active actor, which is not the case with exchange houses. The news (from Conexus) seems positive to me, however, it must be valued and measured in its correct dimension.

Aníbal Garrido, Venezuelan bitcoiner and professor.

According to the academic, Venezuela cannot implement these «processes overnight; significant preparation is required from a technological point of view.»

Oliveros and Garrido agree that the issue is still in a very early phase and that There is still a long way to go before banks offer cryptocurrency services. such as the USDT stablecoin or even Bitcoin.

Beyond this reality, the obligatory question is what types of services could Venezuelan banking offer with cryptocurrencies if it had the necessary regulations? Garrido responds:

«The types of businesses that can be done are wide ranging from custody, remittances or dispersion of payments.» For Oliveros, a door would open for mechanisms for cryptocurrency wallets, new currency allocation mechanisms, integration with payment mechanisms such as cards or even transfers with stablecoins.

For now, for banking in Venezuela to take a leading role in its connection with cryptocurrencies, You must first go down the path of regulationthis could take months or years, something that will depend on how important this adoption opportunity is seen in the country.
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Reporter Jesús Herrera contributed to this article from Caracas, Venezuela.