VENEZUELA: CRYPTOCURRENCIES AS AN ECONOMIC REFUGE
In Venezuela, cryptocurrencies are mainly used as a store of value in the face of constant inflation and devaluation of the bolivar.
"Venezuelans do not use them at a transactional level, but as a savings reserve element," Aarón Olmos, economist and cryptocurrency specialist, explains to EFE. This strategy allows citizens to protect their money from the "attacks of the economic situation," he adds.
The sector faces significant limitations due to the restructuring of the Superintendency of Crypto Assets and Related Activities (Sunacrip) following a corruption scandal.
"All companies licensed to operate remain intervened and suspended," says Olmos. According to the Global Cryptocurrency Adoption Index 2023, Venezuela ranks 40th worldwide.
