Venezuelan Petro Advanced to a New Convertibility Phase, Expert says

Ricardo Baptista, director of the Latin American Cryptoeconomy Corporation, explained that the Venezuelan government is promoting the use of crypto to dynamize its economy and counteract the negative effects promoted by “all of those who have placed some blockades on the Venezuelan economy,” saying that the cryptos are “the gateway to evade those sanctions.”

Baptista also explained that due to the economic setback, digital currencies have made it possible for the Venezuelan population to rethink their financial culture. Now, the value of digital transactions is growing:

“Our currency, the bolivar, has been hit hard and what we are looking for is that financial technology is that the bolivar has a value, not on paper, but as a digital asset.

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