Venezuela and Argentina Leverage ‘Unique’ Crypto Use Cases, Brazilian Congress Advises Indicting CZ
According to a recent article referencing
Chainalysis 2023 Geography of Cryptocurrency Report, Venezuela and
Argentina use crypto uniquely to tackle their particular issues.
Argentina is leveraging crypto to fight the breakdown of its currency, which has reached record lows recently.
Also, in the Venezuelan case,
Chainalysis explained that crypto is used to fight authoritarianism, enabling remittances to reach Venezuelans and providing refuge against hyperinflation.
Leopoldo Lopez, a former Venezuelan opposition leader now in exile, detailed:
Venezuela has had one of the worst-ever hyperinflation rates at over 1 million percent. Cryptocurrency, particularly stablecoins, has helped many Venezuelans overcome this.
Furthermore, he remembered when a crypto-enabled system allowed more than
65,000 doctors and nurses to receive direct
aid in 2020 amid the COVID crisis.
The Argentine
peso kept losing value this week, hitting record lows after presidential candidate
Javier Milei compared it to excrement.
