Chainalysis released its report of Venezuela's use of bitcoin on Thursday as part of its upcoming 2020 Cryptocurrency Geography Research.
"Venezuela is going through one of the worst economic problems in recent times, with its national currency, the Bolivar, being almost useless," the company said. "In these conditions, blockchain has played a significant role in Venezuela 's economy”.
As the Venezuelan bolivar has dropped in value in the middle of hyperinflation, Venezuela has been one of the most successful cryptocurrency trading countries in the world.
The nation has hit one of the highest rates of cryptocurrency use in the world , ranking third in our Global Crypto Acceptance Index, as many Venezuelans depend on cryptocurrency to collect remittances from abroad and save against hyperinflation.
Chainalysis further addressed Venezuela's national cryptocurrency, the petro, initiated by the state's disputed govt, led by OFAC-sanctioned Nicolas Maduro and recognized for its corrupt practices and crimes against humanity. In May, the U.S. imposed a $15 million bounty on Maduro and prosecuted a number of famous Venezuelan govt officials for narco-terrorism, corruption, drug trafficking and other alleged crimes.
Source: Bitcoin.com
