A “currency drought” is currently plaguing Venezuela, making even the most basic act of conducting business practically hard.
The biggest companies in the nation are still able to obtain US dollars through official routes, but smaller businesses are being routinely forced out.
According to the report, the lack of hard currency has made it extremely difficult for the country’s mid-sized industries to pay for the imported chemicals and raw materials required to run their plants.
A diminishing amount of money
Instead of getting better, the issue is growing worse.
58% of mid-sized business owners now see the lack of foreign currency as a direct danger to their survival, according to a recent survey by the trade association Conindustria.
The government controls a dollar auction system, but the supply has run out.
The cash available in these auctions reached $1.3 billion between mid-January and early March 2026, a 13% decrease over the same time in 2025.
There is no simple way to transfer money across borders because local institutions are no longer connected to the global financial system due to international sanctions.
Small and medium-sized businesses are left with two options: either wait for an auction that they will probably lose or pay significantly more for dollars on the black market.
The country’s inflation rate has skyrocketed to 600% primarily due to these increased expenses.
The door of digital exit
Many companies are coming back to cryptocurrency as a crucial lifeline after the “official” system failed them.
Previously regarded as a “emergency only” tool, it is now a daily requirement for paying foreign suppliers.
Since Delcy Rodriguez took over as acting president in January, the United States has promoted fresh investment in oil and gas, but the smaller players haven’t yet benefited from this additional funding.
For the time being, the only option to keep the lights on in Venezuela’s industrial heartland is to trade digitally rather than through banks.
Bitcoin follows the waves of geopolitics
On Monday, the price of bitcoin had a wild ride due to contradictory news from Iran and the United States.
When President Donald Trump announced a five-day postponement of the scheduled strikes on Iranian power stations, the market initially surged.
Trump highlighted “very good and productive conversations” to put an end to hostilities in the Middle East in a post on Truth Social.
In early U.S. trade, this news caused Bitcoin to rise from below $68,000 to over $71,000.
But once Iran’s Fars news agency asserted that the discussions never took place, the gains soon vanished.
Following this denial, Bitcoin fell back toward $70,000, leaving traders torn between optimism for a resolution and the reality of conflicting global news.
