The director of the Latin American Cryptoeconomy Corporation, Ricardo Baptista explained that the Venezuelan government is promoting the use of crypto to dynamize its economy and counteract the negative effects promoted by “all of those who have placed some blockades on the Venezuelan economy,” saying that the cryptos are “the gateway to evade those sanctions.”
Baptista explained that because of the economic setback, cryptocurrencies have made it possible for the Venezuelan population to rethink their financial culture. Now, the value of digital transactions is growing, “Our currency, the bolivar, has been hit hard and what we are looking for is that financial technology is that the bolivar has a value, not on paper, but as a digital asset. In an interview for the radio show ‘A tiempo’, the Latin American expert said that adoption of crypto has steadily increased in Venezuela, mainly because of the proliferation of content distribution firms, “Digital currencies are used for online payment methods, content purchases and Venezuela, industry, commerce and some entrepreneurs have taken refuge in these alternatives to with the Bolivar give refuge to that digital currency of value and that is legal in these platforms the world.
Currently, the people of Venezuela are going through great difficulties in enjoying essential goods and basic merchandise. The sanctions imposed by the U.S President, Donald Trump has contributed to the worsening of the situation of a nation with a population already living the consequences of having some of the most corrupt rulers of the world. However, the government of Venezuela has tried to minimize the effects of these sanctions through the issuance of native crypto, the Petro which has not been officially implemented as a currency till now.
It is still difficult to give an optimistic prognosis for the future of this token. Donald Trump has already banned its people from doing business in Petros even though it is a privacy currency and has not yet been listed in any substantial volume exchange. So far, only Bitfinex has issued an official announcement stating that they will not list the token. As of right now Venezuela is the third nation with the most massive volume of p2p BTC trades in the world.