Venezuelan Bitcoin Cash Supporters Encourage Country’s Crypto Use as Bolívar Continues to Slip


Despite the tough economic depression that Venezuela has been undergoing, Bitcoin Cash supporters in the country are holding their heads high, teaching their fellow country men and women about the benefits of using cryptocurrencies.

Bitcoin Cash enthusiasts have been drumming support for cryptocurrencies, particularly BCH, encouraging its adoption in the country. This has led to a Bitcoin Cash Venezuela meet-up, which has since seen about 349 members join. According to the group:

“People and businesses are encouraged to receive BCH as a form of payment because that is true adoption.”

Cryptocurrency to Rescue Venezuela’s Economic Woes

Over the past few years, the economy of Venezuela has deteriorated considerably, with rising hyperinflation forcing many people to leave the country for greener pastures.

To try and curb the problems that Venezuela faces, the country’s president Nicolas Maduro chose to seek refuge in cryptocurrencies, launching an oil-backed crypto known as petro. However, since it’s launching the crypto hasn’t been adopted widely as the Venezuelan government had expected.

Just recently, Russia declined to use the oil-backed cryptocurrency as a unit for bilateral trade, but offers to help Venezuela come out of its economic problems. It offered the country several strategies that would see it make crucial steps to try and solve its financial woes.

Among the Bitcoin Cash Venezuela group members is Lizabeth Alviarez, who noted that some of the country’s ambassadors have dedicated time and resources to help bolster cryptocurrency adoption in areas such as Valencia, Anzoategui, Barquisimento, Acarigua, Merida, Cumana, and Neve Esparta.

Alviarez also noted that:

“We are at the beginning of a new digital money payment system, where we are real owners of our own money, where there are no intermediaries or a bank entity that tells us how much money we can withdraw from our bank accounts [as is the case in Venezuela], where we can … send and receive money from anywhere in the world with almost instantaneous transactions and very low commissions.”

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