Cryptocurrency in Venezuela: ASONACRIP President Shares His Views on Cryptocurrencies and Blockchain Technology

In a radio show, Mr Jose Angel Alvarez, president of the Venezuelan Association of Cryptocurrencies “Asonacrip” talked about the potential of the blockchain technology and cryptocurrency in the evolution of the local economy.

Alvarez also explained the present situation in Venezuela on the basic issues in relation to the development of different industries associated with the crypto economy and the different topics from trading cryptos to mining.

According to Alvarez, cryptos represent a great opportunity for citizens of Venezuela who are watches as their purchasing power diminishes as they manage their national fiat money:

“Undoubtedly cryptocurrencies are a great possibility for all the country. Especially in this social, economic and political situation that we are experiencing. We realized that Bitcoin has been a savings refugee for many people, not only for businessmen but also for ordinary Venezuelans.”

He also believed that “digitization of money” is already on process. Alvarez also further explains that Asonacrip is seeing that “this growth is exponential.”

As he recognizes that cryptos and blockchain is building a global community because of the facilities it embodies. In Venezuala, Alvarez added, interest in this technology is growing extraordinarily:

“What is happening is that physical money is being turned into digital cash so that anyone in the world can exchange value in real time just as a photograph is now able to be virtually sent …

Venezuela is one of the countries in Latin America that has the highest awareness in the subject of cryptocurrencies.  Alvarez explained during the radio show:

“In our country today, thanks to what is happening – we are going through a stage of institutional cryptocurrencies with the issuance of the Petro – I believe that about 100% of people have already addressed the issue of cryptocurrencies. The only thing missing is to spread the knowledge of how to enter that world.”


“There are developments in Venezuela such as developments in Puerto Ordaz of a cryptocurrency named Onixcoin, developments in Vargas of a tourist currency called Ril, there are developments in Margarita of a cryptocurrency called Perlacoin … And all this alongside with Petro.The great advantage we see is that there was an opening of the currency exchange control”.

Alvarez also described cryptocurrencies as an “evolution of the traditional financial system” and was very optimistic about it.

“More than the death of the Venezuelan Bolivar I believe it is the death of all physical currencies, just as photography died physically… It is the evolution of the means of payment, not only in Venezuela but in the entire world.”

At the moment, ASONACRIP is in talks with Venezuela government in its aim to develop the mining situation and seek solution to legal problems related to importation of ASICs and RIGs mining equipment which were held by Venezuela’s Customs agency.