Venezuela’s proposal to formally replace the bolívar with the US dollar was blocked during public debate by the Chavismo-aligned national assembly on constitutional grounds. Opposition lawmaker Antonio Ecarri developed the initiative with economist Steve Hanke, who has long advocated dollarization. The plan would eliminate the bolívar while preserving the central bank’s institutional autonomy and ending discretionary monetary policy. Venezuela has already operated under de facto dollarization since roughly 2018 and 2019, with about 65% of retail transactions conducted in US dollars in 2026. Annual inflation reached 576% in July 2026, while a May survey found that more than 50% of Venezuelans supported formal dollarization. Business groups ANCE and Consecomercio have instead proposed a bimonetary system that would keep the bolívar alongside the dollar and other currencies. Stablecoins, particularly USDT and USDC, also provide dollar-denominated alternatives for Venezuelans without reliable access to physical US currency.