Category Archive : Venezuela

Venezuela’s New Digital Bolivar Isn’t Digital, and It Won’t Solve the Country’s Economic Crisis — CoinDesk

For smaller merchants, who work in dollars, the only thing that matters is U.S. currency. “For us, the bolivar is practically irrelevant. We pay suppliers in dollars, all prices are dollarized. The only payments in bolivars are basic services, such as water, electricity and telephony,” Ernesto said.

Read more at www.coindesk.com

Crypto Adoption Is Surging Globally — but Not in the U.S.

Worldwide uptake of cryptocurrencies last year got more traction than Elon Musk driving a souped-up Tesla at a Dogecoin e-vehicle rally. (That’s a thing, right?) Regardless, crypto is a thing, and it’s growing fast globally — its adoption skyrocketed 881% compared to the prior year.

In its second annual Global Crypto Adoption Index, Chainalysis found that the top five countries for cryptocurrency acceptance were Vietnam, India, Pakistan, Ukraine, and Kenya. The U.S. slid from sixth to eighth in the ranking, while China fell from fourth to 13th — in large part due to its ongoing crypto crackdown.

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Emerging economies are seeing a boom

Chainalysis states that the index’s methodology ranked 154 countries based on three weighted, multi-variable metrics. Those statistical models were necessary to level the playing field for emerging countries such as Togo (10th), compared to developed countries such as the U.K. — which didn’t even crack the crypto adoption top 20. The purpose of the ranking was to “highlight the countries with the greatest cryptocurrency adoption by ordinary people, and focus on use cases related to transactions and individual saving, rather than trading and speculation.”

Sixteen of the countries in the top 20 could be classified as emerging economies — worth noting because the reasons and usages driving their higher rankings are quite different from those in established markets such as the U.S.

The researchers found that countries such as Venezuela, Nigeria, Vietnam, and Kenya ranked due to their massive person-to-person (P2P) transaction numbers (after wealth-per-capita and internet-use factors were applied). They also found that many residents in developing economies rely on P2P cryptocurrency exchanges because they lack access to any type of centralized exchange.

The index also states that many developing markets have severe money devaluation, forcing residents to convert their fiat currencies into crypto to preserve value. Additionally,…

Read more at www.fool.com

Yemen national uses crypto donations to fight starvation amid civil war

A Redditor living in Yemen’s capital city of Sana’a claims to be using cryptocurrencies to buy food packages for families unable to access supplies during an ongoing civil war.

According to a Thursday Reddit post from user yemenvoice, the Yemen national has raised roughly $12,000 in crypto donations to be used towards fighting starvation in the Middle Eastern nation. They claim to have provided 15 families with flour, rice, oil and beans and hope to reach 30 more in the near future.

“I have tried very hard to help my people by finding any possible way,” said yemenvoice. “I have tried to set up online donation campaigns, but unfortunately, all online donation platforms do not support Yemen. So, I thought of using cryptocurrencies as an alternative method, and indeed it was much easier and more effective.”

Yemen’s civil war began in 2014, followed by a Saudi Arabian-led coalition of forces responding to a request for assistance from ousted President Abd-Rabbuh Mansur Hadi. The country has been subject to a blockade by air, land and sea since March 2015, leading to millions of Yemenis in need of basic necessities.

According to David Beasley, the executive director of the United Nations World Food Programme, 16 million people in Yemen “are marching towards starvation” — including 400,000 children under the age of five, according to a separate report — with food supplies already at critical levels. Yemenvoice claims to have been able to “break the siege” and get funds into the country to buy food by using cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), and Nano (NANO).

“[I] received donations, then transferred from my wallet to the wallets of merchants or the exchange company (we have only one company that accepts Bitcoin), then I bought these food packages, as you can see, and distributed them to the elderly, single mothers and orphans, although there is no difference between young or old, everyone is…

Read more at cointelegraph.com

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