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RE: Financial vs. Formal Dollarization
Many Venezuelans dream of dollarization, which if the Ecuadorians achieved, as you say it is impossible, the current government needs the bolivar because every day it devalues and thus manages to pay starvation wages, however a lot of foreign currency is used in the street and it is a measure taken by the people themselves to protect themselves from inflation
Indeed, it's de facto dollarization.