Following the announcement this week regarding OFAC General Licenses 56 and 57, a great deal of debate has emerged. Some view this as a limited and purely institutional step, but as an author and a citizen living the daily reality in Venezuela, I strive to look beyond the macroeconomic headlines to understand how this truly touches our personal lives.
It is true that the central goal of these licenses is to allow entities like the Central Bank and public banking institutions to resume international correspondent banking operations. At first glance, this seems like a move designed only for large corporations and the State. However, there are reasons to maintain a cautious optimism.
The Value of What Seems "Small"
I want to dwell on a point that for many outside might seem insignificant, but for us, it is an entire world: access to global financial tools. In my personal case, I already have the digital dollar debit card from my local bank, and I can attest that this represents a huge step forward. It is curious how perspectives change: abroad, having a card to pay for services online is something so common that it is taken for granted; for us, having been blocked and limited for so long, it is transformative news. It is, bit by bit, recovering the ability to acquire the work and training tools that were previously denied to us simply for being here.
Why Is This an Important Step?
1. Real Connectivity: If national banking strengthens its correspondent relationships, the fluidity of these cards and foreign currency accounts should improve substantially, facilitating the payment of subscriptions, servers, and digital tools necessary for any entrepreneur.
2. From Isolation to Integration: Although private platforms like PayPal still maintain their own risk policies, the fact that our local banking system is strengthening gives us a firmer foundation. We no longer rely solely on informal methods to manage our savings.
3. The Challenge of Payment Gateways: Honestly, I understand why many international payment gateways have retreated from the Venezuelan market. A fine from OFAC is truly onerous and can be devastating for any technology company. Their fear is justified; the risk of losing their connectivity to the global financial system due to a sanction is a price few are willing to pay.
For those who wish to review the official technical documents, you can consult them directly here:
Conclusion: My Bet Remains on the Blockchain
Precisely in the face of this fear from the traditional system, blockchain technology has been a true blessing for us. Cryptocurrencies have functioned as an infallible lifeline in moments when everything else was closed off.
Despite these modifications and the new licenses, I am betting everything on blockchain technology. For me, it remains the safest bet, the "winning horse." While traditional banking tries to regain ground, I maintain my focus on decentralization; it is the only infrastructure that guarantees us access to the world without asking for permission.
We are moving from being completely blocked to having a window open. I celebrate this progress in traditional banking, but my absolute confidence lies in the tools that cannot be sanctioned or censored.
What do you think?
Have you already tried these new national banking tools? I would love to know if, like me, you feel that this "small step" for the world is, in reality, a giant leap for our peace of mind, even if our primary bet remains Web3.
Written by: David Gilberto Iriarte | Letter Sculptor
Thank you for joining me in this reflection. For me, writing is not just about capturing ideas; it is about inviting you to be part of the construction of a literary and digital world that I build piece by piece, day by day. Each of your interactions and contributions—no matter how small they may seem—has an immense value in this life project.
Reflecting on the inclusion of wallet addresses in previous posts, I realized it interrupted the reader's immersion. I have decided to clean up this space to preserve the magic of the reading experience. Soon, I will enable a dedicated portal for those who wish to support my creative and technological ecosystem. Thank you for valuing my work and for being part of my world.
— David Gilberto Iriarte
Letter Sculptor
