Venezuela sees surge in crypto use and rising credit‑card costs amid financial shift

Digital currencies have become a regular payment method in Venezuela, with an estimated 12 %–15 % of the population using crypto assets. This places the country third worldwide in crypto transaction volume, behind Russia and Argentina. Businesses are increasingly accepting cryptocurrency, and the global exchange Binance plans to launch a crypto‑linked debit card for Venezuelan users.

Meanwhile, credit‑card usage has risen sharply. Economist Aaron Olmos notes that annual interest rates on cards hover around 60 %, turning them into a costly financing option. He advises Venezuelans to treat cards as a last‑resort payment method and to adopt careful budgeting to avoid debt traps.