The use of cryptocurrencies in Venezuela is a lifesaver for many people in the country.

Throughout history, people in certain places have gone through what economists like to call “discovering the benefits of backwardness”. They take techniques that have worked well in the more advanced parts of the world and apply them in less developed regions.

The changes they introduce make these techniques work so well that a region that was once the periphery has become a center in its own right. Fintech and especially the use of cryptocurrencies in Venezuela are becoming increasingly popular.

Fintech and Financial Inclusion

Unlike traditional coins, crypto-currencies like Bitcoin are based on a decentralized electronic ledger known as a blockchain. The book is not controlled by a central bank or the Treasury Department, but by various users around the world who have “nodes” or copies of the entire book on their computers that cannot be hacked or censored.

More than the economic and political crisis, a feeling of mistrust has permeated all levels of Venezuelan society. People are looking for opportunities to work outside the system just to buy goods and services.

Can Crypto save the day?

“People need to be educated,” says Malca. “In the United States and Europe we can sit down and analyze these things. In Venezuela, the average Internet connection is a quarter of a megabyte, or one megabyte at most. People still don’t have access to this kind of information and are afraid to carry anything that is not tangible.

And yet, given the chaos and lack of information, there is evidence that the use of cryptocurrencies in Venezuela is making a difference.

Use of cryptocurrencies in Venezuela - Artech Digital

Confidence, safety and credibility

On the one hand, cryptocurrency has allowed some Venezuelans with access to computers, technical knowledge and blockchain technology to receive money from family and friends abroad. On the other hand, according to some experts, the system is still far from being inclusive.

“Sometimes it can be very discriminatory,” says Dr. Sabatini. “The poorest people do not have access to online accounts or to relatives living abroad.

Crixto hand in hand with inclusion

As the situation deserves an answer, the British startup Crixto has decided to set up a platform for Latin America that will start with te use of criptocurrencies in Venezuela.

In terms of usability, Crixto offers a wide range of financial maneuverability for anyone with basic Internet access. A number of possible transactions between users who have subscribed to Crixto are displayed through the Web Application Service.

With CRIXTO, using crypto is very easy. You can make your payments with your cell phone in an easy, fast and convenient way. Your crypto-currencies are protected and secured on our platform. You can recharge from any wallet in the world where you have your crypto currencies. You can also convert your crypts into dollars and reserve them for a future purchase on our platform.

The acquisitions you could make would include any legal asset available, such as cryptomonies. This is how CRIXTO protects its subsidiaries from volatility. CRIXTO is a digital platform for payments in cryptomonies.

It was developed especially for use in Latin America, but it expands its horizons. Users can make payments in Bitcoin, Ethereum or Litecoin. Commercial institutions receive dollars, euros or legal tender directly into their bank accounts. CRIXTO performs the conversion and payment automatically