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How cryptocurrency is helping to save the Venezuelan economy – Chainalysis report

Venezuelan economy

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TL;DR

A popular data analyzing website has given a report on the importance of crypto adoption to the Venezuelan economy.

Since the beginning of its adoption and usage of digital assets, the Venezuelan economy has enjoyed so many successes owing to the profits enjoyed by their use of digital assets. 

With most countries around the globe not yet clear on the direction as regards crypto adoption, Venezuela has been able to use crypto to their advantage. Years down the line after adoption crypto, the usage of blockchain technology has seen quite the massive patronage that is expected. 

In the report that was submitted by Chainalysis, it highlighted the financial crisis that rocked the country as the major catalyst that drove them to crypto adoption.

Crypto adoption now an integral part of the Venezuelan economy

Furthermore, the report said that crypto is now a core part of the Venezuelan economy owing to the fact it has played a crucial role in its revival. 

Presently, the financial market in Venezuela consists of instruments related to crypto. All these factors in the country have made crypto widely accepted all over Venezuela. Another factor that has endeared the population to digital assets is the Petro, a digital asset that was developed in the country recently.

Venezuela crypto adoption skyrockets

Presently, Venezuela is one of the few nations with the highest rate of adoption as far as crypto is concerned around the globe. Aside from the fact that it has rescued the Venezuelan economy in the face of an impending financial crisis occasioned by sanctions, it has also been used as a means of remittance in and out of the country. 

Furthermore, Bitcoin and other crypto have also been used by the government of Venezuela to evade sanctions from the United States. Venezuela now has one of the highest Bitcoin trade centers surpassing every other country and second only to the United States. Presently, the country has been able to cement third place in the Global Crypto Adoption Index.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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