The Role of Crypto Assets in Venezuela: Overcoming Sanctions and Energy Challenges
Enrique de los Reyes, the president of Venezuela's crypto business association CAVEMCRIP, discusses the growing role of cryptocurrencies in Venezuela, where they are being used as an alternative to traditional banks for cross-border transactions and remittances. Despite the corruption surrounding the government-launched cryptocurrency, the Petro, the crypto sector in Venezuela is worth billions of dollars, with formal crypto payments amounting to $125 million in 2022 and almost $700 million in 2019. The sector faces challenges such as unreliable electricity supply, but is investing in solar power and natural gas to address this. CAVEMCRIP aims to bring together all actors in the sector to foster entrepreneurship and development while promoting regulation and combating corruption, with the goal of attracting both domestic and international companies to Venezuela.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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