Venezuela is becoming a “hot” market for cryptocurrencies in the region

January 12, 2021.-

Venezuela is a “hot” market for the adoption of cryptocurrencies, according to a recent study by the firm Sherlock Communications.

The report highlights that the country occasionally has the second highest bitcoin trading volume in the world on peer-to-peer platforms, such as LocalBitcoins.

“Many cryptocurrency projects are trying to establish themselves in Venezuela due to the volatile political and economic situation there, leading to significant development” of the ecosystem, the text mentions.

He assures that many Venezuelans work charging in cryptocurrencies, such as community managers, translators, designers and more.

The report also highlights that Crazy, the largest department store in the country, accepts payments in cryptocurrencies, through the commercial solution Cryptobuyer.

“The country also hosts many initiatives for blockchain for social purposes. Many of them use crypto as a means of payment for donations and other types of charity initiatives, “he says.

However, the study emphasizes that the main actors and builders of the national ecosystem currently operate from the outside.

He also notes that civil servants receive a portion of their salaries in petros, and the majority of the population has some notion about cryptocurrencies.

“The country is home to many different communities in major projects like BTC, BCH, DASH, EOS, ETH, LTC, and local exchanges, like Surbitcoin,” he noted.

The rest of the region is not far behind

The same Sherlock Communicatios report concluded that the crisis generated by the coronavirus pandemic represents a great boost for cryptocurrency investment in the region.

The study includes key aspects of the blockchain ecosystem in 21 Latin American countries, in addition to the results of an exclusive Toluna survey of more than 2,200 people in Argentina, Brazil, Colombia and Mexico to understand their attitudes towards digital currencies.

See full report at:

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