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


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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Crypto Business World
CBW - External Analyst
INDIA