P2P commerce boosted the use of cryptocurrencies in Venezuela

During 2021, the economy showed an evolution in terms of the use of cryptocurrencies in Venezuela through NFT, "play to earn" games, among others

For Venezuela, 2021 represented a considerable evolution for the management of cryptocurrencies in the economy, thanks to the rise of non-fungible tokens (NFT), “play to earn” games, among others.

According to a study by Chainalysis, the South American country ranks seventh in the 2021 Global Cryptocurrency Adoption Index, thanks in large part to the year’s boom in person-to-person (p2p) commerce.

For Venezuela, 2021 has been a year of considerable change at the microeconomic level, where even more than in 2020, the results of powerful catalysts of change such as Covid-19 were clearly visible.

A notable trend in 2021 was the growing number of people and companies in Venezuela accepting cryptocurrencies as a form of payment to avoid the economic situation and the devaluation of the national currency, the bolivar.

The appearance and adoption of cryptocurrency payment platforms, such as Binance Pay, Reserve or even Valiú, have accelerated the adoption of a more digital economy based on cryptocurrencies without the need for users to have extensive knowledge in the matter.

K. Tovar

Source: Cointelegraph

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