Venezuelan President Suggests New Use Cases for Cryptocurrency
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Answer Venezuelan President Suggests New Use Cases for Cryptocurrency
The economic suffering in the state of Venezuela continues, especially in light of the US embargo and the imposed economic sanctions, which made Nicolas Maduro, the President of Venezuela, rely on alternative economic solutions, such as relying on the “petro” digital currency whose value is based on the price of a barrel of oil or cryptocurrencies.
Recently, the country’s President Nicolas Maduro presented new use cases for cryptocurrencies.
Spread a report Talk that Venezuela, the South American country, is studying the possibility of using digital currencies in trade along with the national petro currency, as President “Maduro” introduced a new anti-sanctions law in the National Constituent Assembly.
Maduro emphasized in a recent speech that:
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Anti-sanctions is the first incentive that offers new power to use oil and other cryptocurrencies, both national and global, in internal and external trade, so that all cryptocurrencies in the world can be used, both government and private.
This is an important project under development.
The news comes after Maduro suggested last year that his country might adopt cryptocurrency payments.
Venezuela signed a new tax agreement this summer that enables the government to start collecting taxes and fees in the petro currency.
According to one Studies In recent publications, cryptocurrencies are already playing a key role in Venezuela’s faltering economy.
The worsening financial crisis in Venezuela has stimulated great interest in cryptocurrencies as people look for opportunities to escape from the declining national currency whose value is declining day by day.
Bitcoin trading volume on peer-to-peer platforms exemplifies the growing interest in the primary cryptocurrency within the country.
According to data from coin.dance, Bitcoin trading volume on LocalBitcoins has been steadily increasing in the past several months, which is shown in the chart below:
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