Venezuela Pays Using Bitcoin to Friendly Countries

[Henrywrites]

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 going places! If a country as big as Venezuela is depending on Bitcoin to make payments for goods and services, then this further strengthens the idea that this coin is taking over. It is just a matter of time.

 

[Erik4150]

This is a very good development. I hope that more countries will realize that cryptocurrency can be a driving force in economic development by serving as a means of payment like in the case of Venezuela. There are lot of opportunities with cryptocurrency.

 

[Nurudeen]

I think this decision can cause the Venezuelan economy a lot of money as we all know Bitcoin price isn't stable. If the price goes up automatically the price of what they will be buying will be high and this can adversely cause inflation in the economy of care is not taken. They just need to appeal the decision not banning them on USD

 

[Sake]

That's good they're open minded (probably the first country) about what help Cryptocurrency can do.
Other countries should also adapt this and see the potential of Bitcoin already. Imagine having a currency that's accepted worldwide without any exchangers needed.

 

[Akinwale701]

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?

Very soon, a lot of other countries will also adopt Cryptocurrency payment method as one of their payment methods. the world is moving very fast to embrace any form of development whatsoever. it's a very nice gesture and an assurance that Crypto has come to stay

 

[mcjerry]

The sanctioned on Venezuela over dollars as made bitcoin more popular in Venezuela and this is one of the improvement that crypto currency is having. This means that crypto currency have a bright future

 

[Sincerem]

Yes, since United States of America sanctioned them from using USD they quickly reverted to using BTC as its own primary currency for transactions online.

 

[eLdavis]

I see this as another opportunity for Bitcoin and crypto currency in general to be promoted, this action would attract more persons to start making use of crypto Currency and Bitcoin in particular

 

[Hena101]

Wow this is a very good information to know about as many countries keep adoption bitcoin as a mean of payment is is very good for crypto currency.

 

[harrypaul]

This is a good move by the government of Venezuela.
Adoption of Bitcoin would certainly help the economy of the country and boost it's relationship with other rich countries.
It would also boost attraction from foreign traders who are crypto enthusiast to consider business with the country

 

[Bousine123]

I think the step they have taken is the right one and I won't advice them to do otherwise. Although I can't say other countries will follow suit, it's a welcome development.

 

[Sotherefore]

I just believe that more countries will Adopt to cryptocurrency because cryptocurrency will really change the world if more countries see the need and how they can use it to improve the economy and make it legal for easier transaction.

 

[Nomad]

According to news, a lot of south American countries are trying to use Bitcoin as an official payment method. It started with El Salvador and how Venezuela is taking interest in Bitcoin

 

[ahmedo24]

According to news, a lot of south American countries are trying to use Bitcoin as an official payment method. It started with El Salvador and how Venezuela is taking interest in Bitcoin

These two countries you mentioned are under sanction by the United States of America and they felt the best way they bouycot this is to use bitcoin as a legal tender likewise for their international transactions.

 

[Justin]

Looks like South America is more liberal towards crypto currency. It started with El Salvador making bitcoin a legal tender and using geothermal energy to mine bitcoin.

 

[Thinker009]

Yeah since cryptocurrency is decentralized ,the us government would find it very hard to stop the transaction coming in ,that the Venezuelans would be able to use to cover for goods and services as they would like to do I think tho

 

[Trexxxy]

I guess, they have to manage because of the sanctions on them, since crypto provides an alternative then it could be another good means of exchange.

 

[Good-Person]

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?

i think this is a good move by the Venezuelan government. However, I am quite concerned about the economical situation of Venezuela. They need to make financial policies to help stop inflation in the country that has been causing a lots of problems.