The State Of Crypto Adoption In Venezuela Is Still Rising Amid Economic And Political Turmoil


The State Of Crypto Adoption In Venezuela

Venezuela is currently going through a political crisis. And it’s effecting the economy as well. The inflammation rate of its currency has reached 1,300,300% in the 12 months leading to last November, according to the National Assembly controlled by the opposition.

The question that seems to interest the cryptocurrency space is whether the conditions in Venezuela are prime for crypto adoption and whether any is taken place. Matt Aaron, the head of the Bitcoin.com’s efforts in Venezuela discussed the political state of the country, the power outages, and other factors affecting crypto adoption. According to him, these elements have affected crypto adoption, but nonetheless, “I think it’s still strong, it’s just that in the short term, they’re in survival mode. But the willingness to learn about crypto has not gone down.”

Moreover, Carlos Hernandez, who lives in Ciudad Guayana, discussed how cryptocurrency has helped his family in light of hyperinflation.

He shared with Bitcoin.com,

“I don’t own bolívars, Venezuela’s official currency. I keep all of my money in bitcoin. Keeping it in bolívars would be financial suicide.”

There are difficulties though, associated with holding bitcoin. As he further shared with Bitcoin.com, he cannot change too many bitcoins at one time. Even though the government does not yet monitor cryptocurrency transactions, it does so for bolivars. Any trade worth about $50 or more will automatically freeze one’s account until one can explain to the bank the source of the funds.

Some organizations, such as Airdropvenezuela, are using cryptocurrency for the purpose of helping people in need. According to the organization’s website,

“Due to artificially-rigged government exchange rates, the banks in Venezuela are not used for remittance, payments, or donations.” Further, “Venezuela needs better money. Venezuela needs cryptocurrency. Ten dollars can help a family purchase food, medicine, and scarce imported goods.”

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