In the laBITconf panel entitled Debate Venezuela, they talked about the situation regarding the crypto ecosystem in the Latin American country.
Undoubtedly, the declining economy has forced its inhabitants to seek an escape route, such as Bitcoin, who has welcomed with open arms a large part of that population that seeks alternatives.
The exhibition was made by a group of Venezuelan speakers, made up of Javier Bastardo who guided the talk, Alessandoro Cessere, Jose Peña, and P. Hold.
How did they enter the crypto ecosystem in Venezuela?
To start the conversation, Javier asked the participants to talk about how they entered the world of cryptocurrencies and blockchain.
P. Hold tells us that in the search for an escape route to the well-known Venezuelan economic situation, he found a way to safeguard the value of Bitcoin. A little later, due to the low salaries offered in his country, he ended up becoming 100% involved in the ecosystem.
Alessandro, Bitcoin, and especially the mining of this cryptocurrency are crossed in their university life through their social circles. Little by little it will become more and more involved, and is currently dedicated to providing digital asset custody solutions to different entities.
And since it is not difficult to find someone who gets in the way through scams, there was one here. Jose learned about cryptocurrencies through friends who were affected by a scam through cloud mining. Later, he would become an editor for the CriptoNoticias portal, and to this day he continues to be a content creator for the crypto ecosystem in Venezuela and the world.
The main challenges
In the second part of the panel, Javier asked the guests to present their points of view about what are the main challenges facing the crypto world in Venezuela.
The person who started it, Alessandro, says that because we are talking about a country where 94% of the population lives in poverty, the difficulties in saving are extreme. It is difficult for locals to take full advantage of Bitcoin’s signature safe of value.
In his turn to speak he indicated that there are no comfortable infrastructures for the user to easily enter the ecosystem.
And to finish with his vision of the problems, he adds the difficulty that exists for legal entities to translate their purchases of crypto assets into legal frameworks.
José for his part thinks that education is the main challenge facing the crypto ecosystem in Venezuela. Secondly, the unstable economic situation creates difficulties for a healthy adoption.
P. Hold indicates that Bitcoin is a money of last option, adopted for needs, such as those that the Venezuelan people spend. He agrees that it is necessary to educate and seek to create conviction. Teach that it is possible to use cryptocurrencies as forms of payment, and not only use them for speculative purposes.
The panel’s moderator closes by saying that without a doubt the main thing is more education and dissemination, but never generating false expectations.