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Yes, but if you pay with your US-issued Visa card the Venezuelan merchant won't receive U.S. dollars. They'll end up with local currency. The advantage of Zell

Yes, but if you pay with your US-issued Visa card the Venezuelan merchant won't receive U.S. dollars. They'll end up with local currency. The advantage of Zelle is that unlike Visa, it is a dollarization tool. A Venezuelan merchant can directly earn U.S. currency.

firekvz 6y ago
And thats cool, Venezuelan merchants still need the bolivars, they pay taxes, they pay rent, they pay salaries, they pay to their providers, all of that is done in VES, also, they get the same exact rate as the unnoficial one.
- rglullis 6y ago
  However, they can't save and they can't have any security to make any long-term investment. They also don't get any chance of credit in local currency because interest rates will be insanely high due to the hyperinflation and volatility. The ones that do manage to get any savings will rush to the black markets to convert bolivars to USD or EUR. The ones that don't get any savings are SOL. As someone who grew up with 30%-40% inflation a month, I find it really weird to see someone thinking any of that is cool.
  - firekvz 6y ago
    Initial post was about POS in here not acepting USD cards, i showed they do. Is cool that they do it, as it allows more payment methods to then and allows me to spend my USD, the more formal the business is, the more it will avoid using informal payments methods like zelle, so I do use my US creditcards in big chains, etc. As for every other aspect of our economy, im clearly hugely affected by it, me saying that POS taking usd cards is cool, doesnt mean i agree to our mess of an economy I don't know if you miss the point that the official currency of venezuela is still the VES, and business have to still use VES for so many reasons, yes a big part of the VES gets exchange to USD but the main currency, still the VES
    - rglullis 6y ago
      What you call "informal" others would call "outside of control from the Government and harder for Maduro to seize". And yes, I understand that the economy is not de jure dollarized, so that there are still the need for bolivars at some point. My point though is that having a parallel, USD-pegged economy outside of the "official" markets would be better for the people than not having it.
- teruakohatu 6y ago
  > they pay taxes I suspect a side benefit of dollarization is being able to avoid to declaring income. I doubt they are paying taxes in the USA either.

firekvz 6y ago

And thats cool, Venezuelan merchants still need the bolivars, they pay taxes, they pay rent, they pay salaries, they pay to their providers, all of that is done in VES, also, they get the same exact rate as the unnoficial one.

rglullis 6y ago
However, they can't save and they can't have any security to make any long-term investment. They also don't get any chance of credit in local currency because interest rates will be insanely high due to the hyperinflation and volatility. The ones that do manage to get any savings will rush to the black markets to convert bolivars to USD or EUR. The ones that don't get any savings are SOL. As someone who grew up with 30%-40% inflation a month, I find it really weird to see someone thinking any of that is cool.
- firekvz 6y ago
  Initial post was about POS in here not acepting USD cards, i showed they do. Is cool that they do it, as it allows more payment methods to then and allows me to spend my USD, the more formal the business is, the more it will avoid using informal payments methods like zelle, so I do use my US creditcards in big chains, etc. As for every other aspect of our economy, im clearly hugely affected by it, me saying that POS taking usd cards is cool, doesnt mean i agree to our mess of an economy I don't know if you miss the point that the official currency of venezuela is still the VES, and business have to still use VES for so many reasons, yes a big part of the VES gets exchange to USD but the main currency, still the VES
  - rglullis 6y ago
    What you call "informal" others would call "outside of control from the Government and harder for Maduro to seize". And yes, I understand that the economy is not de jure dollarized, so that there are still the need for bolivars at some point. My point though is that having a parallel, USD-pegged economy outside of the "official" markets would be better for the people than not having it.
teruakohatu 6y ago
> they pay taxes I suspect a side benefit of dollarization is being able to avoid to declaring income. I doubt they are paying taxes in the USA either.