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The Blockchain Summit Latam 2020 dealt with the crypto landscape in Venezuela

November 3, 2020

With the Moderation by Javier Bastardo from Satoshi in Venezuela and participation by José Parra from Criptominer, José Da Silva from CriptoLugares and Mariamercedes Abilahoud, writer and advisor on crypto mattersThis Tuesday November 3rd, a room was proposed to hear and learn the reality of using cryptocurrencies in Venezuela.

The panel began with the participation of Da Silva and explained the prospects for “crypto-venezuela” and their acceptance. As stated by Da Silva, In recent years, major industry players and major trading companies have started accepting payments using cryptocurrencies., a development he believes has taken place thanks to the advancement of regulations and statutes in the nation.

On the other hand, Parra explained a little about the mining industry experience in Venezuela and mentioned that he had seen how The industry has gone through “phases”, the first was that of secrecy, then a more “encouraging” process accompanied by a process of legal regulation of the industryThis resulted in miners making their actions more public and this led to the creation of companies dedicated to importing and providing technical services related to cryptocurrency mining to industry.

The Blockchain Summit Latam 2020 dealt with the crypto landscape in Venezuela
The Blockchain Summit Latam 2020 dealt with the crypto landscape in Venezuela

Abilahoud also gave his opinion on the current state of crypto adoption in Venezuela. rated that in recent months it has been found that there is a greater interest in the use of cryptocurrencies on the part of people.

What is missing for a stronger introduction of cryptocurrencies in Venezuela?

Another interesting question posed to the panelists focused on figuring out what it takes to gain greater acceptance in the Caribbean nation.

Abilahoud spoke first and noticed that One of the elements presenting as an obstacle in the nation is the lack of options for Venezuelans to access Bitcoin using bolivars and dollars.

JM explained from the point of view of the dealer that something that is needed, “Simplify the processes of placing coins on users“Details that It would be ideal to evaluate a change in labor regulations to be able to pay salaries in crypto, which would be an option for people to enter the ecosystem.

Parra, however, emphasized that in the mining area it is ideal to see something Government measures to support the private sector of the digital industry. He also highlighted how positive the installation of work tables could be with the mining community in order to reach agreements on their regulation within the country.

Future prospects for cryptocurrencies in Venezuela

Finally, in front of the panelists, Bastardo formulated his prospects for the next 5 years with the introduction of cryptocurrencies in Venezuela.

Both Abilahoud and Parra agreed that the promised “crypto donation”, with which a stronger introduction of crypto currencies is achieved, could be possible in the next 5 years.although they gave various reasons for it. Abilahoud justified his answer with the integration of Bitcoin into various state systems, while Parra justified himself by saying that he hoped for more education about cryptocurrencies from Venezuelans.

Da Silva was convinced that payments with cryptocurrencies would be more accepted. He goes on to state that he has a vision in which more traders will dare to use these assets in their daily business operations.