Venezuela is one of the many countries in the world suffering from hyperinflation. While solving such a widespread issue has proven to be extremely difficult for the national government, a new effort is currently underway to bring Bitcoin to the small South American nation.
The Bitcoin Plan for Venezuela
Many people had high expectations for Bitcoin, hoping the crypto juggernaut would make a positive economic impact in Venezuela.
However, the country has struggled financially for some time now and the situation has almost become unbearable as of late. Continual de-valuation of the local currency has caused many socio-political issues to emerge and it seems as though things are not going to improve any time soon. Even with the launch of Petro, a state-backed cryptocurrency, living conditions of the masses haven’t changed all that much.
Additionally, owing to the fact that the local government has continued to crack down on Bitcoin mining as of late, the impact of Bitcoin in Venezuela has been hindered quite a bit. Moreover, the nation has a habit of banning innovative technologies and with the launch of Petro, a state-backed cryptocurrency, Bitcoin has been pushed further into the back seat.
A Silver Lining on the Horizon?
If it was up to Jonathan Wheeler, Founder of the Pale Blue Foundation, the plan of action is fairly straightforward. Through a mobile application known as Azul, he hopes to convert millions of Venezuelans to Bitcoin enthusiasts in the near future.
However, simply having a mobile application for such a purpose is not enough. The number of use cases attributed to Bitcoin is still fairly low in Venezuela and Wheeler admits there is plenty of work to be done in this regard.
It is evident that bringing Bitcoin to the masses will largely hinge on community-driven efforts but an initiative like this can only succeed if Venezuelans are even remotely interested in exploring the use of crypto assets for regular payments. Having a mobile app is certainly a good start but change should not be expected overnight.
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