Venezuelan Economic Professor Shares Passion Behind Cryptocurrency Advocacy in Spite of Bolivars Uselessness
As many of our readers are probably well aware of, the South American nation of Venezuela is currently in the midst of its worst ever financial crisis— with inflation rates currently at an all-time high due to a host of international economic sanctions that have been levied against the nation.
As a result of all this insanity, many Venezuelan economists and experts (such as professor Aaron Olmos) are of the opinion that crypto-assets can be highly beneficial for the country’s masses — especially since these digital offerings help reduce the nation’s dependency on the US dollar.
Professor Olmos has been a passionate crypto advocate for quite some time now. For example, he has been lecturing and touring continuously for the past two years talking about the many benefits of altcoins and other crypto offerings.
Additionally, Olmos also has a number of crypto-related paper publications under his belt and can be seen regularly on a host of different nationally televised debates and discussions.
More On The Matter
During a recent interview given to trusted crypto media outlet, Olmos spoke at length about the challenges that were being faced by the Venezuelan government in regards to the devaluing of its official currency ‘the Bolivar’.
In his view, the issue is at a point where not much can be done about it. Thus, he believes that crypto offerings could be the best way out of this hot mess for everyone.
In regards to the matter, he was quoted as saying:
“We are in a complicated situation because ‘good money’ – dollars or cryptocurrency – is available, but it is scarce because people tend to keep it, not spend it. On the other hand our ‘bad money,’ the Bolivar, it’s the one used by law.”
Following this, the well-respected economist went on to add that “cash in high denominations within Venezuela was extremely limited” and that bills of smaller values had little to no buying power (and were hence virtually worthless).
“Everybody knows it: the Bolivar is our official currency in circulation, but the actual functional currency is the US dollar.”
Crypto Could be the Best Option Moving Forward, Says Olmos
During the course of the above-mentioned interview, Olmos stated that he saw crypto as being a legitimate solution for the conundrum that is being faced by the Venezuelan populace at large.
Not only that, but he is also of the opinion that mass adoption of various digital currencies is “already happening” within the S.American nation at a rapid pace— and that it was only a matter of time till alt-coins such as BTC, ETH started to shoulder the burden of daily commerce along with the Bolivar.
“There’s nothing better than a cryptocurrency while an economic policy takes care of making the Bolivar regain value and recover its power. What should be done is to recognize its use and give it some space for development for it to work properly and temporarily,” the economist said, emphasizing the ultimate goal would be to boost the Bolivar’s value. “We could even use it in a digital form.”
Last but not least, when questioned about the Petro and whether he thinks the currency can be of any use to the government, Olmos stated that the Petro had not been successful because of its flawed structure — which is based on the principles of
“power concentration, and forced usage.”
The economist also added that top government officials have come up with a new economic plan for 2019 – 2025 that lays a lot of emphasis on the use of
“blockchain technology and cryptocurrency”.
However, as per Olmos, that document is highly sensitive and data contained within it has not been published or even seen by people outside of the forming committee.