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Venezuelans Can Now Buy Crypto With State Stimulus Checks – Decrypt

Venezuelans Can Now Buy Crypto With State Stimulus Checks – Decrypt



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12 Comments

  1. For a country with such an unstable economic system, I’m not sure I’d trust defi run by the state. But, I guess if it does allow them to get crypto, the volatility of the crypto space will feel lesser than their own collapsing economy (no offence meant to anyone from Venezuela here).

  2. tldr; Venezuelan citizens will soon be able to buy cryptocurrency directly from state welfare accounts. The country’s largest state-owned bank and financial services startup Glufco have teamed up to make it easier for citizens to access dollar-pegged stablecoins. The idea is to allow them to protect themselves from hyperinflation and Bitcoin volatility.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. Forgive my ignorance, but what does this actually mean?

    Doesn’t this suggest that they’ll get state stimulus checks (from the government that pretty much fucked them in the first place) in their own currency (Bolivares), which are basically worthless at this point? They could convert this to Glufco tokens which are dollar-pegged, but this would mean nothing as it would still total up to an insignificant amount. It would protect them from further inflation, but hasn’t the damage been already done?

  4. That makes sense since their currency is rapidly losing value. It’s interesting their government is fully adopting crypto. Good news for the future of all crypto!

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