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“The cards have been drawn” for the development of Bitcoin in Venezuela – CVBJ

Important facts:

Bitcoin, Petro and Tether are the three most used digital assets in Venezuela, according to Asonacrip.

Bitcoin mining has also grown significantly this year.

Bitcoin (BTC) and cryptocurrencies saw Venezuela as a place to develop and expand this year. While for some this situation is a response to the crisis, there are some who argue that it is more of an advance in Venezuelan society.

José Ángel Álvarez, businessman, enthusiast and president of the National Association of Cryptocurrencies (Asonacrip) is one of them. In his opinion, there are many people in the Caribbean country who are “eagerly looking for solutions” and therefore refer to Bitcoin.

“We do not see growth as a necessity, but as progress that takes place in the daily life of Venezuelans, precisely because many people are eagerly looking for solutions, not only from the point of view of traditional finance, but also in the cryptocurrency sector,” he said during an exclusive Interviews with CriptoNoticias.

This was said on the occasion of the CriptoNoticias-verified report by blockchain analytics firm Chainalysis, which announces that Venezuela has huge peer-to-peer (P2P) trade, or without intermediaries. by necessity out of the economic crisis.

According to lvarez, The option to use Bitcoin is quite positive in Venezuelawhere “It is common to see advertisements related to BTC on billboards and buses”. “The digital mining and fintech industries are evolving and a legal and regulatory framework is being developed that will open the doors to legal certainty and advances in the creation of cryptography,” he said.

We believe that all Bitcoin related areas in Venezuela are developing rapidly as our country is going through an economic situation.

José Ángel Álvarez, President of Asonacrip.

There are more and more billboards for Bitcoin in Caracas / Source: Twitter.

Trading in cryptocurrencies is in full growth

Álvarez announced that according to the organization’s latest calculations, they could act in Venezuela in a single week the volume equivalent to more than a month of work on the Caracas Stock Exchange (BVC).

“While these are somewhat subjective estimates, we believe they are positive for the growth of Venezuela’s cryptocurrency ecosystem,” he said.

In addition, he pointed out that BTC is one of the most widely used cryptocurrencies in Venezuela. The second, “as paradoxical as it may seem,” is the Petro, the digital asset created by the Venezuelan government. In third place was the stablecoin tether (USDT).

This is what Álvarez said, citing a poll by Asonacrip on Twitter. However, he clarified that they have no official data to support this use.

The results of this survey for Álvarez indicate that “there is a diversity and a growing demand for different cryptocurrencies that enrich the knowledge of the business world and the general population”.

These cryptocurrencies, he said, are more widespread in Caracas, Venezuela’s capital, and are being sold in shops, still lifes and cafes there, a report from CriptoNoticias confirms.

Asonacrip conducted the survey on the use of cryptocurrencies in Caracas via Twitter / Source: Twitter.

However, it makes it clear that cryptocurrencies in Venezuela are not yet a bulk payment method, A complete certainty of the activity is therefore unlikely at the moment.

“From our private initiative, we assume that Venezuela has the potential to adopt Bitcoin, and that requires it to comply with regulations and have an order,” he said.

Mining, another fast growing sector

Álvarez also spoke about digital mining, an activity that has found a niche market in Venezuela to establish itself. For him you have to mine in the industrial areas of Venezuela.

This is because, as he explains, there are unused electrical capacities in these places, which are conducive to mining activity, “regulated and mediated by local authorities who work in a ‘joint’ way”. the extraction of BTC. to favor«.

It is not a secret to anyone. We are facing a bull market in BTC price making the mining industry more attractive. Venezuela is experiencing constant growth and quite a bit of legal aid is being put in place, with companies licensed to operate with legal certainty. Although mining was never an illegal activity, there was a legal vacuum that prevented national and foreign capital from safely betting on this new reality in the country.

José Ángel Álvarez, President of Asonacrip.

It does not in any way make it clear that Venezuelan law does not consider mining a crime, despite the fact that there are administrative sanctions the penance of which is equivalent for a permanent establishment not to issue tax invoices.

For this reason, he explains that the regulator, the National Superintendence of Crypto Assets and Related Activities (Sunacrip), has repeatedly called for mining to move to industrial zones “because no residential area is being created or developed”. View of the electrical display device so it can support devices that are working all the time.

“Therefore, knowing the new regulations, we request that this activity be relocated to industrial areas or through various companies that provide hosting services,” he asked, and it seemed that if there were unlicensed miners operating illegally, they are located and later sanctioned.

José Ángel Álvarez, President of Asonacrip / Source: CriptoNoticias.

“The cards are drawn”

In the opinion of the President of Asonacrip, “the cards have been drawn” when it comes to the regulation and development of the cryptocurrency economy on Venezuelan soil.

It underlines that there is already a governing body (Sunacrip) and an entire guild that is working in the development of activity in the Latin American country.

However, he regrets this even with progress There is still a lot of ignorance about Bitcoin in Venezuelan society, although there are media and platforms dedicated to the topic. “Therefore, there has to be financial training so that activities around Bitcoin develop positively,” he said.

The sky is the limit. There is great interest in the legislative and institutional question, and we have a starting point that is difficult for us to reach. With that foundation, the breeding ground for Venezuela is set to become a technological powerhouse from a blockchain perspective, and we become a crypto donation.

José Ángel Álvarez, President of Asonacrip.

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