The political tension in Venezuela has affected local cryptocurrency adoption. While there are roadblocks, many crypto-advocating projects continue to thrive in the country. News.Bitcoin.com takes a deep look at the current situation in Venezuela, crypto adoption efforts and how the recent political crisis affects them.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
Political Turmoil and Economy in Freefall
Cryptocurrency adoption in Venezuela has been affected by the recent political unrest following mass protests organized by Juan Guaido, president of the opposition-run National Assembly, calling for the military to help him end Nicolas Maduro’s reign. With the support of more than 50 countries including the U.S., Guaido declared himself acting president of Venezuela while Maduro insists he has been re-elected to a second six-year term. The incumbent still has the support of a number of countries including Russia and China.
During the years-long freefall of their…