https://ift.tt/pXhN7YI payments have become more popular in Venezuela – Chainalysis

TL;DR Breakdown

• The Latin country has supported crypto-mining since the rise of Bitcoin in 2021.
• Venezuela accepts P2P payments in Bitcoin, USDT, and Dash.

Venezuela is noted as one of the countries in Latin America that took advantage of the cryptocurrency boom in 2021. After a serious economic crisis led to a severe overinflation of its national currency, the Latin country has relied significantly on crypto-based P2P payments.

Venezuela has also taken advantage of the rise of P2E games, crypto-mining, and crypto trading that help form national micro-businesses. According to Chainalysis, Venezuela ranks number seven among the countries with the most adoption of the crypto scheme in 2021.

Cryptocurrencies are a trend in Venezuela

The cryptocurrency market has stood out for being innovative, decentralized, and offering thousands of opportunities to economically unstable countries, of which Venezuela is one. The Spanish-speaking country has clung to the crypto market dearly as the South American country’s economy is considered to be in decline.

Under these standards, where crypto is more important than the Bolívar Soberano, the local currency in Venezuela, payment in crypto has been encouraged in the national territory. P2P payments are a priority for Venezuelans fleeing the devaluation of their currency, more than anything else in Caracas, the capital city, and Puerto la Cruz that would correspond to the seaport with connection to imports in the Caribbean.

Chainalysis has also indicated that citizens use Binance, Valù, and Reserve to handle payments in cryptocurrencies.

Venezuelan companies join the P2P payment initiative

Although several Latin countries have been impartial with cryptocurrencies, Venezuela seems one step ahead in promoting P2P payments. Reports indicate that several Venezuelan companies have accepted the challenge of using cryptos as a payment method. However, they are mostly with Bitcoin, USDT, and DASH.

The Latin country has shown interest in crypto-mining, which is popular in the Asian territory. Venezuela has been in the top 10 Latin countries that have supported crypto mining since 2021. These crypto-mining operations also increase P2P payments among companies involved in the work.

Venezuela controls mining operations with SUNACRIP, an agency regulating and approving the extraction of Bitcoin in the national territory. Since Bitcoin arrived at its ATH in 2021, mining has risen in Venezuela, attracting the gaze of regulators who have seized around a hundred processors operating illegally.

Not only P2P payments with cryptos are relevant for Venezuelans from 2021, but also NFT and Play-to-earn games that promise high profits. Venezuela is expected to harness the true cryptocurrencies power and maintain free-for-market policies.