Is Ethereum Becoming Colombia’s Best Money Option?

It appears Ethereum, the second-largest cryptocurrency and the primary competitor to bitcoin, is growing in popularity in Colombia.

Ethereum Is Carving Out a Name for Itself in Colombia

South America has proven to be a major bitcoin and cryptocurrency haven. Countries like Venezuela, for example, have seen their national currencies subjected to either inflation or other economic problems that ultimately render them useless or inaccessible to native residents. Many have turned to cryptocurrencies like Dash and bitcoin to get their fingers on daily needs such as food and clothing, but Venezuela’s government isn’t adding much to the pot in terms of assistance.

Related Reading: South Americans Turn to Bitcoin in Fight Against Corruption and Hyperinflation

For example, Venezuela’s president Nicolas Maduro has recently introduced the Petro, a national cryptocurrency allegedly backed by the nation’s many oil reserves. There is no mention of these oil reserves in the currency’s whitepaper, and many believe this notion to be false. In addition, Maduro has also tried to work a plan into Venezuela’s economy that would allow workers to be paid in Petro units rather than the country’s failing bolivar currency.

Unfortunately, this plan has failed to catch on. At press time, the Petro has stirred so much controversy that President Donald Trump has banned all Petro trading within the United States.

While the Petro may have failed in its initial dealings, other cryptocurrencies – like bitcoin and now Ethereum – are garnering new popularity within Venezuela and its South American neighbors. It seems Colombia is turning its sights to Ethereum according to a new survey conducted by Paxful, a peer-to-peer trading platform that allows users to sell, purchase and trade cryptocurrencies privately. Read More at LiveBitcoinNews...

#ETH #Colombia

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