Venezuelans Turn to Blockchain for Survival
Update: 2025-12-14
Description
Venezuelans, grappling with economic hardship, are turning to blockchain technology for banking needs. A report by TRM Labs predicts this trend will continue due to macroeconomic instability and the devaluation of the bolívar. Stablecoins, pegged to stable assets like the US dollar, are used for value storage and daily transactions. Lack of clear regulations and declining trust in traditional banking are pushing people towards digital assets. Venezuela ranks high in crypto adoption, with stablecoins acting as a substitute for traditional banking. This shift is a result of nearly a decade of economic collapse and international sanctions.
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