Bitcoin Crypto

Adoption Tracks Bitcoin In Venezuela – How to track 

Venezuela’s economic and political circumstances have encouraged the adoption of the criptomonedas, particularly bitcoin, in the country. Venezuelans are looking for monetary alternatives to overcome the constant devaluation of the bolivar against the dollar, a situation that is reflected in how the products rise in price abruptly in a matter of days.

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Many Venezuelans have used bitcoin to buy food and medicine from abroad , as well as to protect their savings in a digital asset that is not only worth more than the Venezuelan bolivar – although even the World of Warcraft digital currency is worth more – but also tends to the increase of value and therefore greater profitability. For this reason, the trade of bitcoins in the country has acquired dimensions that are difficult to replicate in the world , as a very particular case in the region.

Being Venezuela a country that imports and consumes more than it produces and exports, whose government has imposed strict controls on the economy and foreign exchange reserves, exchange of foreign currencies has taken a high prominence and affects the lives of all citizens of the Caribbean nation. Undoubtedly, this activity impacts other economies in the region such as Colombia and Brazil, countries that border Venezuela.

But some specific conditions of the country have motivated that the adoption of the criptomoneda is massified beyond the monetary and financial aspect. Not all Venezuelan bitcoiners buy and sell bitcoins on a regular basis, either to generate margin gains or to protect their savings. In Venezuela the mining of criptomonedas a highly profitable business, because there the electricity is unusually cheap. If we price each dollar (16,000 bolivares per dollar) at the price of the electricity service stipulated by the government, an average Venezuelan living in a family of 5 people could receive a monthly bill of $ 0.3 dollars for electricity service.

However, Venezuela’s police and legal authorities took an attitude of rejection of this activity, presumably upon learning of the miners’ intentions: to generate capital gains by processing criptomonedas transactions from the high consumption of electricity. They even argued that the cryptones were a method of money laundering and that their use and, of course, the mining of them should be prohibited. Large and small miners fell equally in different situations, although not even these events have managed to stop the adoption.

In fact, during this week there have been several media events that suggest a near future where the government will consider the criptomonedas to implement or regulate them.


It was on Monday that the Minister of Agriculture and Land, Wilmar Castro Soteldo, issued his opinion on the cryptonedas in his television program, broadcast by the state’s main official media, Venezolana de Televisión. Castro’s statements were extremely unusual , as no senior national official had previously spoken on the subject. After all, you can not dismiss the high government position that you have, which forces you to work closely with the Presidency of the Republic and have under your command hundreds of small agencies subordinate to your jurisdiction.

But this does not stop there. Luis Bracho Magdaleno , General of the Venezuelan Army Division for Falcón State, was interviewed recently on the radio station Unión Radio 90.3 FM , who is currently Director General of Technology of the Ministry of Agriculture and Lands – note, it is the same ministerial entity that presides over Castro Soteldo – being named in the position in the middle of the year 2015 .

It was in the afternoon, in the program Doubtless, with the journalist Mari Pili Hernández, that Bracho Magdaleno shared his impressions about bitcoin and the criptomonedas, explaining, for example, that in some countries of the world bitcoin is already accepted as you can accept debit and credit cards. Faced with the question of which are the most advanced territories in terms of bitcoin exchange, he immediately replied: ” Japan . All Asian tigers and Europe. We are talking about Thailand, including China, “adding that in the United States there are restrictions because the authorities in this country” prefer people to use the dollar “as currency and method of payment.

In turn, he explained that the criptomoneda is not the totality of Bitcoin’s strength, but the underlying technology: blockchain . “Bitcoin is not only the currency, it is the system. With that name are named both concepts, “he said. Then, when asked by the journalist about whether anyone can access Bitcoin from anywhere in the world and how to do it, the general affirms that it can be done through web pages, refraining from naming them for obvious reasons (sic) . Faced with this statement, the journalist inquires about the reasons for these names to be hidden, without mentioning them under the budget that they are public and free, to which the military official asks another person who was by his side if they could to name, to finish referring to the white paper of Bitcoin that is in the vestibule, instead of referring to portals like exchange houses or services of portfolios.

Some internal sources confirmed to CriptoNoticias that the Venezuelan government is working full in the legislation concerning the criptomonedas , although it has not been specified if it will be in any way detrimental or beneficial for the bitcoiners of the country. Judging by the statements of Minister Castro Soteldo and assuming that his position is similar to that of other authorities, the regulation could well be favorable; but judging by the monetary policies and the battle against the free trade of currencies that the socialist government has raised like flag, it could well be negative legislation.


Now, if the issue is analyzed from a geopolitical perspective, it is possible that in the face of the worsening of Venezuela’s political, economic and institutional crisis, in the face of falling oil prices and the urgent need to pay off the enormous debts acquired during these years, Venezuela can assume similar to those of Russia and China, its closest allies regulatory policies. To undertake high – profile regulations which have witnessed in these countries, Venezuela can become one of the pioneers in the regulatory region.

It is well known that Russia and China have tightened their trade relations and that they are coordinating the substitution of the US dollar as the main currency for importing and exporting products, so they have been using the RMB to buy and sell oil, gas and other raw Materials.

Similarly, as reported in CryptoNoticias , the coalition of countries formed by Russia, China, Brazil, India and South Africa (BRICS) is considering issuing its own official cryptonnet , to facilitate trade relations between these countries, and of course, to end the hegemony of the dollar.

Joseph Keough is a writer, social media manager, and entrepreneur. He founded Take Back Parliament in 2014 with the goal of transforming the site as one of the most trusted and reliable generic news sources across the internet

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