Venezuela Pays Using Bitcoin to Friendly Countries

[Suba]

Due to US economic sanctions, Venezuela is prohibited from using USD for payment of export and import transactions. Therefore Venezuela uses Bitcoin as an alternative means of payment to friendly countries for goods imported from Iran and Turkey. Venezuela's anti-blockade laws allow making payments using cryptocurrency (Bitcoin) for both domestic and foreign trade.
So Venezuela is using Bitcoin payments to overcome the difficulties of their economic blockade by the United States. What do you think is this the right solution?

 

[Lyrrex]

Wow! its a welcome development, since countries are now adopting bitcoin as a means of transaction, that will result in price surge for bitcoin.

 

[ahmedo24]

Venezuela has switched to using Crypto currencies for a long time now either before or the during the first phase of pandemic lockdown. The country's currency lost it value drastically.

 

[vest1992]

There will be even more changes across the globe regarding crypto currency and the world economy, 2021 will bring many surprises on the economy of the world, just wait and see.

 

[Sincerem]

Due to US economic sanctions, Venezuela is prohibited from using USD for payment of export and import transactions. Therefore Venezuela uses Bitcoin as an alternative means of payment to friendly countries for goods imported from Iran and Turkey. Venezuela's anti-blockade laws allow making payments using cryptocurrency (Bitcoin) for both domestic and foreign trade.
So Venezuela is using Bitcoin payments to overcome the difficulties of their economic blockade by the United States. What do you think is this the right solution?

The situation is not bad, at least they have another alternative other than usd for paying internal and external transactions with friendly countries.

 

[Josemendez]

I think part of the reason why Venezuela turned to Bitcoin was because of the challenge in their local currency ,which has been declining daily .

 

[Sincerem]

I think part of the reason why Venezuela turned to Bitcoin was because of the challenge in their local currency ,which has been declining daily .

Yes, their local currency is on steady decline. But why must u.s.a pose such ban on Venezuela from using their own dollar??

 

[Niftyyem]

I really wonder how long the Venezuelan government can keep up with using bitcoin as a payment alternative because some form of currency is being used to secure those bitcoins.

 

[Vladv26]

I think it's a great idea but I'm not sure how they are going to deal with this price volatility of bitcoin. Exports and imports involve a great deal of money so even the slightest change in bitcoin price could affect their profits

 

[Peterlight]

This is really fantastic, how u wish Evey nation could allow this, it would make cryptocurrency more popular and accepted by nations in no time if they put it into law.

 

[Shole]

When pushed into a corner you have to do what you must to survive. I think it's the wrong right move, depending on their deposit of bitcoins. If they had a lot of bitcoins, now their trade will be easier as the value of a bitcoin has risen. If they have to buy the bitcoins from somewhere, it will be another though year for them (referring for 2021).

 

[Lagazine]

What a great development! If a country like Venezuela can adopt bitcoin as a means of paying for international transactions, it is a great achievement and I think, I wish my country, Nigeria consider the same move by making use of cryptocurrency method of transaction. I believe, its going to help the country.

 

[Yugocean]

Venezuela currency's value is now equals to a waste paper, so the country did right thing, this will help it to stand on a decentralized currency which it do not need to exchange too. However their economy will become totally decentralized this way, people will work for crypto and not for others.

 

[Abibatabosede]

That's a great move by Venezuela, they have take a lead in challenging the world most known means of exchange,so others should follow to help improve their nations economy.

 

[Ralphjoe]

This is a commendable development, this will show if not anything that Bitcoin is an excellent payment platform that anyone can utilize.
With this development, other countries may join up or using the coins.

 

[Aniwhyte]

This is a very good news, and I urge you all to watch as other countries follows as they would be taking same step Vanezuela took. But I actually thought the sanctions on Vanezuela had been lifted, i never knew it's still there. Vanezuela currency has been reduced to nothing, it's really so pathetic.

 

[Patrik]

that's actually good news, considering that the main currency in Venzuela has some very low value, people there will actually finally improve their financial situtation by paying using crypto

 

[GIFTMICHAEL]

Due to US economic sanctions, Venezuela is prohibited from using USD for payment of export and import transactions. Therefore Venezuela uses Bitcoin as an alternative means of payment to friendly countries for goods imported from Iran and Turkey. Venezuela's anti-blockade laws allow making payments using cryptocurrency (Bitcoin) for both domestic and foreign trade.
So Venezuela is using Bitcoin payments to overcome the difficulties of their economic blockade by the United States. What do you think is this the right solution?

Bitcoin is helping in solving conflict and crisis.
Resorting to Bitcoin or crypto currency or the evolvement of Bitcoin has really helped Venezuela to solve economic section by United States.
Had it been there was no digital currency like Bitcoin it would have been difficult for Venezuela to deal with his current situation.
Thank you for sharing this with us.
Bitcoin will one day challenge dollar in the international market

 

[BrolySSJ]

Due to US economic sanctions, Venezuela is prohibited from using USD for payment of export and import transactions. Therefore Venezuela uses Bitcoin as an alternative means of payment to friendly countries for goods imported from Iran and Turkey. Venezuela's anti-blockade laws allow making payments using cryptocurrency (Bitcoin) for both domestic and foreign trade.
So Venezuela is using Bitcoin payments to overcome the difficulties of their economic blockade by the United States. What do you think is this the right solution?

This is a great development. And I think that Venezuela is really embracing the crypto world as I have seen that they are now using it in many aspects of their economy as well and it is very interesting to see how it is groin with time. I think that the solution that they have devised is rather good and hopefully it will help to prompt other countries to get involved with crypto as well.

 

[Ltherman]

Wow i never knew they adopted bitcoin i thought they probably created their own crypto currency. It must be great but i think it doesn't still solve the issue of a trade ban on the country cos they can transact with some countries who don't recognise Bitcoin as a means of payment.

Due to US economic sanctions, Venezuela is prohibited from using USD for payment of export and import transactions. Therefore Venezuela uses Bitcoin as an alternative means of payment to friendly countries for goods imported from Iran and Turkey. Venezuela's anti-blockade laws allow making payments using cryptocurrency (Bitcoin) for both domestic and foreign trade.
So Venezuela is using Bitcoin payments to overcome the difficulties of their economic blockade by the United States. What do you think is this the right solution?