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Venezuelan Central Bank Discussing Dollarization Plan with Local Banks

Posted on November 16th, 2020 by Kyle Torpey and filed under Fiat Collapse.

Image via Shutterstock.

According to Bloomberg, at least five different banks in Venezuela have met with central bank officials to discuss dollarization. Specifically, the Venezuelan central bank is interested in implementing a new, domestic clearing system for U.S. dollars by the middle of 2021. The plan would also allow local financial institutions to offer loans denominated in U.S. dollars.

Kyle Torpey

Kyle is the creator of The Crypto Feed. Before founding The Crypto Feed, Kyle was a longtime freelance Bitcoin writer at places like Forbes and Bitcoin Magazine.

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