Gate News Report, March 24 — Venezuela continues to face a shortage of U.S. dollars, with small and medium-sized enterprises frequently excluded from official foreign exchange auctions. They are forced to turn to unofficial markets and cryptocurrencies to maintain import purchases. Local analysts estimate that from mid-January to early March 2026, the total amount of official dollar auctions was approximately $1.3 billion, a 13% decrease compared to the same period in 2025. Several business representatives reported that large food, medical, beverage, and chemical companies enjoy priority access in the auctions, while medium-sized pharmaceutical, chemical, plastic, and tech suppliers generally left empty-handed, with no explanations given for rejected bids. Due to sanctions, Venezuelan banks are essentially isolated from the global financial system, and wire transfers and international payment platforms are unusable. Some small and medium-sized business owners have stated that after being blocked from official channels, they have resumed relying on cryptocurrencies for cross-border payments, despite previously hoping that cryptocurrencies would only serve as an emergency measure.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Swings on Hormuz Strait Reports, Triggering $762M in Liquidations
Bitcoin rose to $78,000 but dropped to $76,091 following reports of tensions in the Strait of Hormuz. Iran's actions triggered $762 million in liquidations among traders, with implications for crypto markets as Iran accepts payments in bitcoin and other currencies to navigate sanctions.
GateNews16m ago
U.S. Military Plans to Board and Seize Iranian-Linked Vessels in International Waters
U.S. military officials announced plans to board and seize Iranian-linked vessels in international waters, marking an escalation in operations targeting Iran's maritime assets beyond the Middle East.
GateNews46m ago
Iran Reports 3,468 Deaths in U.S.-Israel Conflict, Official Register Updated
Iran's Martyrs and Veterans Affairs Foundation has reported 3,468 Iranian personnel casualties in the U.S.-Israel conflict, according to Chairman Mousavi and state media.
GateNews46m ago
Ukraine's Prosecutor General Classifies Kyiv Shooting as Terrorist Attack
Ukrainian Prosecutor General Irina Kravchenko announced that a shooting in Kyiv has been classified as a terrorist attack, prompting criminal proceedings under national law. The investigation is ongoing.
GateNews46m ago
Iran Deputy Foreign Minister Says Date for Next Round of US Talks Remains Undetermined
Iran's Deputy Foreign Minister criticized the U.S. for sending unclear messages regarding negotiations, indicating no specific date for upcoming talks has been set. He emphasized that it's up to Americans to assess the legality of these statements.
GateNews11h ago
Former UK PM Liz Truss Publicly Endorses Bitcoin as Tool Against Currency Debasement
Former UK Prime Minister Liz Truss criticized Britain's economic trajectory, citing high taxes and regulations. She advocates for Bitcoin to combat currency debasement and is organizing a conference to promote a movement for sovereignty and freedom.
GateNews11h ago
