Venezuela proposes Organic Law of Digital Economy

Deputy Ramón Lobo presented a proposal to regulate e-commerce, fintech, digital assets, and artificial intelligence in Venezuela. The initiative was presented during the International Summit on Public Management and Digital Economy (CIGED 2026) in Valencia, from October 12 to 17. The law aims to organize the technological ecosystem with a common regulatory framework and establish governance and oversight mechanisms. Lobo emphasized the importance of adapting regulations to technological advancements, proposing principles such as technological neutrality and interoperability. He also suggested the creation of a National Council for the Digital Economy that includes representatives from the state and the private sector, without affecting the competencies of the Central Bank of Venezuela. Richard Ujueta, president of the Venezuelan Chamber of E-Commerce (CAVECOM-E), estimated that the digital economy in the country generates around 80 billion dollars annually, including sales on social media and electronic payments. Ujueta also mentioned an 84% growth in e-commerce between January and September 2026, following a 125% increase in 2025, and highlighted the rise of mobile payments and financing.