by Marvin Dumont
For two decades, socialists and corrupt politicians have ruined Venezuela’s economy, destroying the bolivar and people’s life savings in the process. As a result, Venezuelans have turned to U.S. dollar and cryptocurrencies for use in a marketplace that now rejects the official but worthless fiat currency.
Aaron Olmos, a Venezuelan economist, tells CoinDesk:
We are in a complicated situation because ‘good money’ — dollars or cryptocurrency — is available, but it is scarce because people tend to keep it, not spend it. On the other hand our ‘bad money,’ the Bolivar, it’s the one used by law.
In Venezuela’s case, “good money” is viewed as asset that locals would rather use to preserve purchasing power (instead of spending). But effective currency greases an economy, and should be spent to acquire basic goods — in addition to being a store of value. More spending boosts economic activities.
Companies are setting up crypto ATMs and crypto-enabled smartphones to reflect Venezuelans preference for programmable monies over central bank-issued currency. And it shows that locals trust cryptos more than corrupt central authority.
Given the conditions where we need an alternative element of trust, there’s nothing better than a cryptocurrency while an economic policy takes care of making the Bolivar regain value and recover its power.
Apollo Foundation is developing an unregulatable platform that restores users’ privacy and financial liberties. In some countries, authorities are banning or restricting the use of cryptos — places like China, India, Iran, and Venezuela. But Apollo platform makes possible its use wherever you may reside, thanks to privacy features such as decentralized exchange, encrypted messaging, and advanced IP masking.
Apollo all-in-one privacy currency combines mainstream crypto features in a truly private and unregulatable platform. APL lets you transact and send data in total anonymity via tech breakthroughs such as private ledger, decentralized exchange, coin mixing, and advanced IP masking.
With 2-second block speed, Apollo is one of fastest cryptos on Earth.
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