Theeconomy in Venezuela isatypical and unique in theworld. The crisis thatiscurrently happening in Venezuela has various causes, includingcorruption at thelevel of allstateinstitutions, insecurity, lack of economicpolicies, lack of control of theparalleldollar (known as theblackdollar), speculation of theproducts of firstnecessity and thehoarding of thesame, etc.
The use of cryptocurrencies in Venezuela isstill a matter of debate giventhatthereis a lot of misinformation in thepopulationabouttheir use, mainly in rural areas, where internet accessislimited and thewell-establishedcustom of money use cash.
Currently in Venezuela thestate has promotedthe use of the PETRO cryptocurrencywhichaccordingtoits "whitepaper" isbackedbyoil reserves. Itcurrently has twoofficialprices (forbureaucraticprocedures and minimumwagefixing) and theotherfluctuating (sensitivetovariations in theprice of a barrel of Venezuelanoil and theprice of theofficial euro).
Theacquisition of thiscurrency has beenlimitedgiventhattheminimumwagedoesnotcoverthebasicneeds of thepopulation, muchlessforthepurchase of it, sincethe PETRO that can be purchasedis at a fluctuatingprice.
Therepeal of thelaw of illegalexchangeratestosomeextentdecriminalizedthe use of cryptocurrencies in Venezuela.
In areaswherethe internet is more accessible, such as largecities, the use of cryptocurrenciesis more widespread, in some cases becominganimportantsource of incomeforthefamilygroup.
The use of PTC pages, faucet and mining in thecloud are themostwidespreadamongusers, whichaccordingtothetypethatisdedicated can generate up to ten (10) minimumdailywages.
The use of currenciessuch as BITCOIN, ETHEREUM, LITECOIN, DASH, in some shopping centers forthepayment of goods and services has begunto spread, becominganoptionto use cash, duetotheconstantdevaluation of thecurrencynational.
In conclusion, cryptocurrencies in Venezuela havebeguntoconstantlypenetrateVenezuelan culture, makingsomefamilygroupsanimportantsource of incometo cope withtheconstantrise in prices of goods and services as well as theconstantdevaluation of thenationalcurrency.
The truth would surprise you the number of people who have knowledge about the use of cryptocurrencies here in Venezuea. Long before the petro, there were already two tokens in circulation (study phase) seeking to create an ecosystem. The truth is that the use of cryptos was never penalized, it was mining as such but at the moment it is an activity as regulated as others, in fact there is a regulatory office.
Here there are already field cases that seek to adapt as a means of payment, use and exchange under construction environments. And just like here, it is not surprising that many countries take these paths, COVID19 has accelerated everything.
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