Venezuela to make its economy 100% digital — no notes

Venezuela plans to transition to a fully digital economy due to hyperinflation, which has rendered its currency nearly worthless. The government aims to reduce dollarization, as a significant portion of transactions are in dollars. President Maduro highlights the minimal use of physical currency, with most transactions occurring digitally. The bolivar has lost 99% of its value, necessitating higher denomination notes that quickly become obsolete. Cash is primarily used for public transport, with shortages affecting services like the Caracas subway.

What is the primary reason for Venezuela's shift towards a digital economy?

• To improve internet infrastructure

• To increase the value of the bolivar

• To attract foreign investments

• To counteract hyperinflation and dollarization

What percentage of commercial transactions in Venezuela are conducted in dollars?

• 18.6%

• 77.3%

• 3.4%

• 50%

What is the goal of Venezuela's government regarding its economy?

• To achieve a 100% digital economy

• To reduce the use of debit cards

• To maintain a balance between digital and physical currency

• To increase the use of physical currency

How much is the largest note in circulation in Venezuela worth in US cents?

• Ten US cents

• Two US cents

• Five US cents

• Four US cents

What is one of the primary uses of cash in Venezuela currently?

• Dining at restaurants

• Paying for public transportation

• Purchasing electronics

• Buying groceries