The intervention of the BCV and the pressure on the parallel dollar in Venezuela

Recently, the cryptocurrency market in Venezuela is undergoing a significant transformation following the aggressive intervention by the Central Bank of Venezuela (BCV) in the foreign exchange markets. The parallel dollar in Venezuela, particularly USDT in P2P transactions, has come under considerable pressure, dropping from levels near 630 VES to approximately 505 VES, reflecting dramatic changes in the country’s exchange rate dynamics.

BCV’s USD Injection Strategy

The BCV has deployed a record injection of US dollars into the banking system, a move explicitly aimed at consolidating the official rate and reducing speculation in the parallel markets. This action marks a tactical shift in Venezuelan monetary policy, seeking to close the historical gap between the official exchange rate and the parallel dollar rates prevailing in P2P operations and informal transactions.

Impact on the P2P Market and Bolivar Recovery

The observable result is sustained pressure on the USDT value on P2P platforms, where participants face reduced profit margins. At the same time, physical US dollars and the Venezuelan Bolivar show signs of relative strengthening, reflecting the liquidity redistribution caused by government intervention. The parallel dollar in Venezuela is forced to adjust toward convergence with the official rate, although the process remains volatile.

Market Outlook for Participants

BCV’s strategy presents a sustained challenge to the previous balance of the parallel dollar in Venezuela. Crypto operators should anticipate a gradual market adaptation to conditions of lower speculative profitability. The key question is whether this intervention will maintain pressure on parallel margins or if new arbitrage mechanisms will emerge, perpetuating the fragmentation of the Venezuelan exchange market.