The rise of Bitcoin and hyperinflation crisis in South America
The crisis in Venezuela continues while the US keeps imposing tough sanctions on the country. While it’s hard to exactly pinpoint what happened to Venezuela, it’s clear that the situation is bad and drastic measures need to be taken to solve it.
One of the first steps taken by the government of Venezuela was the creation of Petro, a cryptocurrency announced in December 2017 and supposedly backed by Venezuelan oil and mineral reserves. Recently, President Nicolas Maduro stated that around 15% of fuel payments at gas stations were conducted using Petro.
Back in March 2020, the government of Venezuela announced that citizens will have the ability to use Bitcoin to pay for goods and services at around 20,000 point-of-sale terminals. More recently, Maduro announced the airdrop of cryptocurrency to every doctor as an appreciation for their work during the Coronavirus pandemic.
Cryptocurrency adoption is not only blowing up in Venezuela but also other South American countries like Colombia. In fact, Colombia is among the top 10 cities by crypto adoption according to recent statistics. The cryptocurrency environment in Colombia is not exactly regulated but continues to thrive regardless of laws.
The Latin American region is the region with most cryptocurrency users in the world. Brazil, Colombia, and Argentina are at the top, followed closely by Mexico and Chile.
How Vertex can help
Vertex provides users from around the world with a p2p marketplace where you can buy or sell hundreds of cryptocurrencies for fiat currencies using dozens of different payment methods. Cashing out cryptocurrency funds can be an arduous task, especially when it comes to substantial amounts of money.
Vertex Market intends to help with the adoption of cryptocurrencies around the world by providing a service where users can interact with each other and buy or sell cryptos easily with no risk. There is no risk because users can pay a small fee to obtain insurance through our provider. The insurance method we use covers hacks and theft and guarantees users that they will get their money back in case of fraud.
