certify
Home arrow Article arrow Article Detail

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

Profile Image

Crypto Business World Follow

INDIA

Sep, 11 2020

Sep, 11 2020

likes | comments 0

Article Image

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.

 

Disclaimer

The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses.


likes | comments 0

Profile Image

Crypto Business World

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Animoca Ventures leads $1M seed funding round for Narwhal Finance

With participation from Hailstone Ventures and various angel investors, Narwhal Finance which is a decentralized cross-market perpetual trading platform built on BNB Chain and Arbitrum has announced;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.