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.

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