In Venezuela, cryptocurrencies gain ground on fiat currency
In Venezuela, cryptocurrencies gain ground on fiat currency

In Latin America, cryptocurrencies have become very important. They are becoming more and more important in the daily lives of many citizens, including Venezuelans due to the economic crisis that is shaking the country. To enable their workers to receive their payments, large and small companies are planning to implement payment systems based on cryptocurrencies. In the meantime, many merchants are already accepting payments in digital assets.

Romero and Mejia accept cryptocurrencies

Thirty-one-year-old Richard Romero runs a grocery store in Naiguatá, a small town in the state of La Guaira, about 30 kilometers from the capital Caracas. In his store, he accepts all currencies of payment: bolivars, dollars and even cryptocurrencies. For the past two years, Romero has used the RESERVE platform, which has allowed him to save and exchange cryptocurrencies into dollars.

"It allows me to exchange with different currencies and since many local banks and people here in the city where I work use the app, I can give them change if needed. More importantly, I can secure my income on a platform that helps me save my money in dollars," he said.

On the street, too, vendors are willing to accept cryptocurrencies. That's the case with Rosaura Mejia, 58, who takes digital assets even for small purchases like cigarettes and candy. "It's a solution, because if the customers don't have the dollars in hand, we open my user code and they can make the purchase and it ends up in my account," said Mejia.

Cryptocurrencies are useful for transfers

According to data from Chainalysis, in 2020, Venezuela rose to third place in the world for cryptocurrency adoption. Only Ukraine and Russia have moved ahead of it. However, for this year, the trend could change, given the high number of people in Venezuela who say they are willing to accept payments in cryptocurrencies. These have become very convenient for them to send money to their relatives living in Venezuela.

Moreover, cryptocurrencies have become a lifeline in the face of rampant inflation in the country. There is a reason why nearly 5 million Venezuelans living abroad opt for digital assets when they want to transfer money to their loved ones back home.

According to Kellyn Maldonado, a Venezuelan graphic designer with a passion for cryptocurrencies, the process of sending money using e-currencies is fast and convenient. "If someone is in Colombia and wants to send money to their family, if they have an account in Colombia and their family has one in Venezuela, you can do it immediately, without having to go to the bank or look for a third party that can send money."

Cryptocurrencies are gaining ground in Venezuela. They are used by millions of people to pay for products and services. Similarly, merchants are accepting payment in digital assets.

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Nathan George

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