Bolicoin the decentralized cryptocurrency used as a safe haven of value
In the last four years Venezuela has suffered economic and financial isolation as a result of multiple sanctions issued by the United States of America due to differences in political issues and the non-recognition of the Venezuelan executive power.
The accumulation of economic and financial sanctions against Venezuela significantly affected the purchasing power of Venezuelans, to the point of causing a massive wave of migration, not to mention that the arrival of the pandemic worsened the situation for those who decided not to migrate and bet on the recovery of the country.
Those who decided not to migrate and bet on the recovery of the country, in part began to create conditions to circumvent the economic and financial sanctions, it should be emphasized that a sector of society that has used all this conflict to create, undertake and invest developed a decentralized cryptocurrency called Bolicoin (Bolivar Coin).
Bolicoin was developed in the country before the creation of the petro, a cryptoasset promoted by the government of Nicolás Maduro and anchored to the price of oil. Since then, Bolicoin's developers had remained anonymous for fear of government retaliation.
In an interview with Bloomberg, one of the developers of Bolicoin, said that the price of this cryptocurrency has been decoupled from the price of Bitcoin, and in this case it is because we realize that Bolicoin is used as a refuge of value, so people by not selling this Bolicoin, makes the value is maintained and even rises.
It is reported that the value of the Bolicoin is 0.01 digital bolivars, and despite not reaching large amounts of users in its beginnings, it has remained alive in the market.
SOURCES CONSULTED
Bloomberg The State Duma establishes the tax characteristics of digital financial assets. Link
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The cover image was designed by the author: @lupafilotaxia, incorporating image: Bolicoin
hello @lupafilotaxia
No doubt I had no knowledge of this currency that if it grabs value will be very good for trade and the Venezuelan economy.
Nice publication shared don't know much about bolicoin, being a decentralized coin makes it a safe heaven for Venezuela users gradually decentralization will take over centralized system although it make take time.