The use of digital assets in Venezuela is becoming a common resource for both e-commerce and financing productive activities, according to the digital media outlet Descifrado.

Regarding access to these tools, finance specialist and CEO of Cryptoland Venezuela, Humberto Quevedo, stated during an interview with Venezolana de Televisión (VTV) that the registration process on validated international platforms is accessible to citizens, requiring only an identity document and an email address.

Commercial adoption and the need for training

During his television appearance, Quevedo explained that a growing number of businesses across the country have integrated cryptocurrency payments into their online stores. However, the analyst emphasized the importance of technical training to prevent financial losses: “…the public should seek basic training — through diplomas and courses at private national universities or specialized portals — to avoid making mistakes and prevent financial scams.”

Regarding the reach of this market, the specialist specified that between 12% and 15% of the country’s inhabitants regularly use or have used digital currencies. This proportion places the nation as the third largest market for digital asset circulation worldwide, ranking only behind Russia and Argentina.

Financial innovations and boost to the sector

The evolution of the local market has attracted the attention of global firms in the industry. Among the projected advancements is the introduction of the Binance platform’s debit card, an instrument available in both physical and virtual formats that will allow users to make direct payments by linking the balance of their digital wallets, following the operational model already implemented in other countries in the region.

Finally, Quevedo stated that the country must regain the initial momentum registered in 2018 to consolidate the formal and everyday integration of these tools within the national economic dynamics.

Taken from and with information from DOBLELLAVE

(Reference image: Kanchanara on Unsplash)

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