Earlier quoted context omitted.
To add to this to this point: 1. USD is the de facto world currency, and many (most?) banks in the world let you open an account in the local currency, plus another account denominated in USD which is absolutely necessary for doing any sort of international business 2. Venezuela's currency collapse is a problem mainly because it needs to import goods (medicine, machine tools, etc.) from the international market, whic…
That's not even close to an accurate assessment. Yes, you can technically have a bank account in Venezuela denominated in USD. However, it would be completely useless for a few reasons. You cannot withdraw USD in Venezuela. Only Bolivares. And when you withdraw Bolivares from a USD denominated account, the bank must do so at the official rate. The official government rate is a complete farce and has no bearing on rea…
I did specifically mention that regardless of whether you try to take crypto or USD, if your goal is to immediately convert into bolivares for survival spending, neither is easy or simple, since the government presumably wants to seize any USD it can get its hands on (the extortionate 'official' conversion rate just being a particular method of doing so).
> But at least the barrier of entry for crypto currency is much lower right now that the difficulty of getting an overseas bank account.
I don't see how that is the case, unless you have a specific example? Sure, you can get a crypto account and perhaps get someone to pay you, but you can equally well get a PayPal account denominated in USD, if you didn't already have a foreign bank account.
Neither of those can directly translate into bolivares, but at least the PayPal account can be be easily used to buy physical goods and perhaps get them into the country if you can bypass or bribe your way through customs.