Crypto Bringing Financial Freedom To People In Venezuela
Venezuela has been dealing with a crumbling economy and as a result there has been a growing number of people in Venezuela who have turned to cryptocurrency as a solution, along with an increase in direct bartering as well.
Annual inflation topped [1 million percent last year](https://www.reuters.com/article/us-venezuela-economy/venezuela-inflation-falls-below-1-million-percent-in-may-for-first-time-since-2018-congress-idUSKCN1TB2GP.
Mining crypto has become a means for people there to climb out of poverty, but some miners have been arrested for it; charged with electricity theft, and other crimes.
In 2017, the government announced plans for their Petro cryptocurrency and president Maduro has recently asked the country's leading bank to accept it.
Other cryptocurrencies, like Bitcoin and Dash etc, have enabled people to send help to their loved ones in the country, as well as enable the people to help each other and themselves. They are already accepted by a number of merchants in the region.
Meanwhile, the government in Venezuela has continued to make it harder for people to survive by blocking aid efforts and initiating other violence.
Those sending packages to their friends or family in Venezuela also don't know if it will even get there, though there are several courier services that offer shipping to Venezuela and other nearby regions. Not only is there uncertainty for most sending packages but it's also very costly.
Many items are also prohibited. For example, this includes the importing of cosmetics, playing cards, medicines, seeds, clocks, watches, and shipments worth more than US $200k.
Thankfully, cryptocurrency has provided people with a way to help others and themselves in the region, it's no doubt helped to save many from starving and suffering further.
Pics:
pixabay
The information posted above is for informational purposes only and should not be considered financial advice.
If you see what already these kinds of blockchains have brought food on the venezuelan tables over the last years we can be proud of ourselves for doing at least something!
Lets hope Maduro doesnt put a ban to it, because this might just be a way to have the options open
Cryptocurrencies are delivering where fiat is failing! That's how this technology get to prove itself.
I’ve noticed a lot of people posting from Venezuela on Steemit.. it seems when the state fails we figure it out.
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freedom finds a way!