Venezuelan Minister Highlights Crypto’s Role as 25% of Global Trade Shifts Beyond US Dollar

In an era of transformative global commerce, Venezuelan Foreign Minister Yvan Gil has spotlighted a remarkable shift in international trade, with up to 25% of transactions now potentially conducted outside the US dollar’s dominance, increasingly facilitated by cryptocurrencies.

Speaking on the evolving financial landscape, Gil tied this development to the innovative push from Russia and BRICS, which are exploring digital currencies like Bitcoin and Tether to sidestep traditional dollar-based systems. This move, he suggested, could pave the way for greater financial autonomy, particularly for nations burdened by economic sanctions. His comments underscore a growing trend where cryptocurrency is becoming a practical tool in reshaping how the world trades.

Gil shared these insights in an article commemorating 80 years of diplomatic ties with Russia, emphasizing how the BRICS nations—Brazil, Russia, India, China, South Africa, and newer members such as Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—are driving this change.

Their efforts to reduce reliance on the US dollar have gained momentum, with cryptocurrencies emerging as a key mechanism to enable smoother, sanction-resistant transactions. While BRICS has not yet launched a unified currency, discussions under Brazil’s current presidency are exploring a payment system rooted in national currencies, potentially underpinned by digital assets. This approach reflects a broader ambition to adapt to a multipolar world where economic power is no longer tethered to a single currency.

A Multipolar World and Strategic Adaptations

This shift toward a dollar-independent trade framework is bolstered by the flexible structure of BRICS, which avoids rigid trading rules and encourages creative financial solutions. Venezuela, though excluded from the BRICS+ group due to Brazil’s veto, has nonetheless felt the ripple effects of this transformation. Facing US sanctions since 2019, when its state-owned oil company PDVSA was labeled a “Specially Designated National,” the country has had to seek alternative pathways for economic survival.

The rise of cryptocurrency in global trade offers one such avenue, mirroring strategies employed by Russia. Just last week it was reported that Russian oil companies are quietly using Bitcoin, Ethereum, and Tether to manage their substantial oil exports to China and India, converting yuan and rupees into roubles to navigate Western financial restrictions.

Russian Foreign Minister Sergey Lavrov has echoed the significance of this shift, praising Venezuela’s interest in contributing to BRICS. He described them as a critical voice for the global South and East, supporting a multipolar world order that prioritizes diverse economic interests.

For Venezuela, aligning with these efforts represents a chance to break free from the constraints of sanctions and dollar dependency. Gil’s observations signal a cautious hope that cryptocurrencies and strategic alliances could redefine financial independence for sanctioned nations.