Venezuela is actively progressing toward formal dollarization of its economy. According to BeInCrypto, economist Steve Hanke has been appointed as a special adviser by the National Assembly this month.
The Johns Hopkins University scholar is currently drafting legislation that would formally abolish the bolivar and eliminate Venezuela’s central bank.
This shift represents a significant departure from previous economic strategies. Reports indicate that Hanke, who works with economist Steve Hanke in his role as an adviser to the National Assembly, has developed a comprehensive dollarization law. This proposal aims to completely remove the bolivar and end the existence of the central bank.
The implementation of such measures would effectively close Venezuela’s current crypto market for USDT adoption and other digital assets. The move toward hard currency relies heavily on external stability rather than domestic monetary policy. By formalizing this transition, the nation seeks long-term economic security through integration with global markets using stablecoins or fiat dollars instead.
According to BeInCrypto, these developments suggest that Venezuela is preparing for a structured shift away from its volatile local currency toward international standards. This strategic pivot could reshape how citizens access financial services and trade digital assets within the region.
The appointment of Hanke marks a critical step in this ongoing process.
