Venezuela has been in the newsroom recently, both globally and because of the problems of economic inflation or in the world of the Crypto because of the launch of the currency “Petro” submerged.
Where the country is undergoing a major political crisis with two men claiming to be the two Iranian presidents. At the same time, the people are suffering from annual inflation of 10 million percent, which has made a number of citizens turning to the world of digital and crypto.
The CryptoInsider team met with Armando Armas, a member of the National Assembly of Venezuela, who believes that the Balkoxin-based digital identity and the electoral voting system on the blockchain can solve some problems in Venezuela.
When asked about the cryptocurrency, Armando said:
It’s not a digital encrypted currency, it’s a fraudulent operation. It was one of the attempts by Venezuelan President Maduro to avoid economic sanctions
Armando added that the current government supports the mining of Bitcoin and cryptocurrencies in general, but for their own reasons since it is common for the kidnapping of metal and digital coins or their families by the Venezuelan police, to release them for all cryptocurrencies that were mined. In addition, all shops and companies that accept cryptocurrency are targets for police or military in Venezuela.
The Open Money Initiative initiative, launched by Venezuelan expatriate Alejandro Machado, aims to help his homeland through digital currencies.
abandoned the local Bolivar currency despite high inflation, because it is still very difficult to use digital currency inside Venezuela.
Venezuela’s problem is that citizens have not the initiative works with a number of other projects, such as the Lukal Petcuen platform, to explore new ideas to make cryptocurrencies more useful to people in economically troubled countries such as Venezuela.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view