Here are the events that marked the past year in the Venezuelan crypto space and the opinions of those who experienced them from the inside.
Venezuela, officially the Bolivarian Republic of Venezuela, is a federal state in the north part of South America. The country has built its economy on oil, as Venezuela owns the largest oil reserves in the world. In terms of digital currencies, Venezuela was the first country to have issued its own cryptocoin. Its value directly depends on the national oil reserves. The cryptocoin, created in order to improve the country’s weak economy, was issued contrary to the parliament’s decision. The national Venezuelan cryptocurrency Petro, officially El Petro, has garnered about $735 million during the first day of the ICO launch. Despite the apparent success, the future of the Venezuelan cryptocurrency is unpredictable, as some countries, such as the USA, have already banned the use of Petro.
Global stablecoin adoption and uncontrolled hyperinflation in Venezuela and Argentina have helped push Reserve Rights to a new all-time high.35041
BitPay apparently screened merchants but not customers.16255
Venezuela President Nicolás Maduro claims the country will “use all the cryptocurrencies in the world” to bypass U.S. sanctions.8766
The Venezuelan army turns to crypto mining as the country's economy collapses.13011
Fast food chains like Burger King and Church's Chicken already accept crypto payments in the South American nation.13656
The 166th wealthiest person in the world has revealed that he has invested in Bitcoin.34194
Bitcoin has broken record levels against at least nine world currencies as its U.S. dollar price marches toward $20,000.13604
Venezuela has announced a 90-day trial for a decentralized stock exchange supporting “alternative digital assets” and fiat currencies.13841
Crypto garnered another mention in one of Maduro's bombastic speeches.8947
"Users can’t afford to be cut off from the Bitcoin network."6856
As the world continues to warm and face the effects of climate change, what does this mean for Bitcoin, blockchain and the world of crypto?8064
But there is always a catch when it comes to Maduro’s government.6539
The Venezuelan government has not yet announced partnerships capable of listing PTR abroad.21159
What will happen to foreign P2P marketplaces operating in Venezuela?3792