The currency used in Venezuela is the Venezuelan bolívar. Due to hyperinflation and economic instability, Venezuela has gone through several currency reforms over the years. As of 2021, the bolívar was redenominated to the Bolívar Digital as the government sought to stabilize the economy. The currency's value is heavily influenced by the country's oil industry and economic policies. Many citizens often rely on alternative currencies, such as the US dollar, for transactions, especially in informal markets, illustrating the challenges faced due to inflation and devaluation.