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Cryptocurrency is now a New Approach for the Venezuelans in Dire economic crisis

Crypto Business World
published on Fri, 11 Sep 2020
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Cryptocurrency is now a New Approach for the Venezuelans in Dire economic crisis

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Due to the current situation of economic crises that have been faced by Venezuelans, they are now interested in cryptocurrency. As per the research made by the team of blockchain data analytics firm, it has been found that currently, Venezuela is ranking third amongst the Cryptocurrency usage across the glove. The rate as compared to other countries is quite high and the success response is goo too. Further, they also published in their study that Venezuela’s crypto ratings also a part of their 2020 Geography of Cryptocurrency to further understand how exactly does it work.

The reason gave a better outcome:

With the rate of high inflation crises which the country over the past few years has been going through, this is one of the worst economic crises that has been noted. In these situations, it is the only crypto asset that has become a strong backbone for the economy in Venezuela. Currently, it is said to be the most active trading countries across the globe. The country soon shall be receiving the remittances from other nations that their savings against the hyperinflation can be secured.

Currently, this activity is said to be driven by the peer to peer exchange activity whose trading is done in USD. The nation’s cryptocurrency is called Petro which even is collected by the government in the form of tax. All the exchanges recently are licensed for trading to be made in Petra. The adaption is rising at a faster pace. Currently, the use of another crypto-tokens called Criptolago is in the discussion. The reports clearly show that more than $380,000 are received by the country over 2000 transfers in the past year.

With such an approach, it seems the Venezuelans are finding great support in their struggle at the moment.

 

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