In 2019, it was predicted that more than over 2.9 million people, or 10.3% of Venezuela's entire population, owned cryptocurrency.
Years ago, Venezuela announced the approval of the Decentralised Stock Exchange of Venezuela, known as BDVE, allowing users to access the exchange "from anywhere in the world" and "without limits. In an intriguing move, Venezuela, which has been a basket-case economy since Hugo Chavez's death in 2013, has abandoned its national currency (the bolivar) and any ties to the US dollar in favour of linking its national currency to cryptocurrency. This comes after years of hyperinflation, during which the old and new bolivars became worthless. This caused society to shift from dealing in money to dealing in barter, preferring to receive a packet of biscuits, a mouthwash, or a bowl of grains for a day's work rather than a currency worth $2 in the morning and $2 in the evening.
The Venezuelan economy is suffering greatly as inflation rises and sanctions remain in place. And it is a cryptocurrency that saves the day. It enables the provision of numerous services. Venezuelans are enthusiastic about cryptocurrency, with weekly peer-to-peer cryptocurrency trading reaching all-time highs in 2020.
As the global economy evolves, it is clear that cryptocurrency has the most significant value to people living under authoritarian regimes like Venezuela. Many businesses in Venezuela are now accepting cryptocurrency as payment. As demonstrated by the example of sending money from one country to Venezuela, cryptocurrency is becoming a tool that ordinary citizens can use to assist their families. A few weeks ago, LocalBitcoin, one of the platforms where Venezuelans trade cryptocurrency, announced its closure, leaving many cryptocurrency enthusiasts and users in a bind, but all thanks to Binance P2P. Binance P2P, or peer-to-peer support, included Venezuela Bolivar (VES) peer-to-peer (P2P) trading against BTC, USDT, ETH, BNB, BUSD, and EOS with no transaction fees. Binance P2P has since proven to be the best cryptocurrency trading platform in Venezuela. According to my research, unlike other Venezuelan cryptocurrency trading platforms that accept only low-volume trade, a high volume of cryptocurrency can only be traded in Venezuela using Binance P2P, and some Binance P2P users merchant offer trade for at least a limited volume of cryptocurrency trade for new Binancians who haven't completed the KYC Verification.
#BTC #ETH #BNB #BinanceFeed #Crypto2023
