The president of the Venezuelan Cryptocurrencies Association expressed the impact of cryptocurrency in emerging the economic solutions. He also explained their present situation in Venezuela considering fundamental problems.
The president mentions the issues regarding the development of several industries related to the cryptocurrency economics. He also took the chance to elaborate distinct subjects happening from trading to mining.
In accordance with Mr. Jose Alvarez, for Venezuelans, cryptocurrency is an exclusive opportunity, especially who have seen its power declining as to handle the national fiat money:
Undoubtedly, cryptocurrencies are a great possibility for all the country; especially, in the social, economic, and political situations 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.
Alvarez also believes that currently, the money digitization procedure is underway. According to the Association, they foresee that the growth is exponential.
Although, Mr. Alvarez acknowledges the DLT and cryptocurrency phenomenon which is helping create a community around. He is also thankful for the provision it represents those adopting technologies. Alvarez specifies that in Venezuela, the rise of interest in such technologies has been seen remarkably:
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. The most significant difficulty is knowledge.
At the moment, Venezuela is amongst the Latin American countries holding the maximum awareness on the problems with crypto money. He says that by reading an article he saw that in Russia 44% of people have spoken about cryptos, in the United States less than 20% are aware of cryptos.
In Venezuela, they are experiencing a stage of institutional cryptocurrency with the issuance of the Petro. Mr. Alvarez believes that about 100% people are already addressing the issue associated with cryptocurrency. The only thing remaining is its awareness about the knowledge of how to get entry into the crypto world.
Alvarez also quoted that in their country, Venezuela, there have been the majority of successful developments incorporating cryptocurrency. The interest was beyond Petro, their community is ready to create a name for itself:
There are developments in Venezuela similar to Puerto Ordaz’s cryptocurrency namely Onixcoin, Vargas of a tourist currency known as Ril, Margarita of a cryptocurrency called Perlacoin; alongside with Petro. The advantage is that there is an opening of the currency exchange control.
Mr. Alvarez was also quite confident while talking about global usage of cryptocurrency. After which he outlined cryptocurrency as an evolution of the traditional financial system
“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 discussion with Venezuelan authorities. The team is focusing on streamlining the mining situation, searching a solution to the legal issues related to mining equipment importation including ASICs, RIGs, etc. which are still on hold by Venezuelan Customs.