Venezuela, a country undergoing deep-rooted problems in its monetary supply due to hyperinflation, has been pegged by many as the country where cryptocurrencies would come to prominence. The country is also suffering under economic pressure from the United States of America due to sanctions and is knee-deep in debt.
The government of Venezuela recently launched a cryptocurrency known as the Petro, which is a fork of Dash [DASH]. However, this was dismissed by many as another way for the President of Venezuela, Nicolas Maduro, to make money off the population and continue to cheat them out of the value of their efforts.
From this fire of adversity, various citizens of the country have begun using the permissionless, trustless and decentralized nature of cryptocurrencies and blockchain technology in order to get by. One of them seems to have taken the initiative to try and make a difference in the poverty-struck country through the use of cryptocurrency.
A user known as Crypto For Venuzuela recently posted a video detailing charity efforts made in the country with the help of Bitcoin [BTC]. They purchased around $260 worth of clothing and school supplies for underprivileged children in the country and paid for it using Bitcoin sourced from a round of charity from Reddit. This effort reached 500 children, with volunteers handing out the gifts dressed as Santa Claus.
A couple weeks ago I shared a video where bought a ton school supplies and clothing to be donated to kids!
— Crypto For Venezuela! (@CryptoForVzla) December 1, 2018
The supplies were bought at Traki, a department store in Venezuela that accepts cryptocurrencies. Other activities conducted by the individual also include creating an Ethereum [ETH] faucet for use by the public in Venezuela and rebuilding a school farm using donations in ETH.
The user also accepts donations in Bitcoin Cash [BCH], Ethereum [ETH], Litecoin [LTC], XRP and Tron [TRX]. This shows that the world is yet to adopt this revolutionary technology, which can be used for outreach in remote areas or as an economic tool in underprivileged economies.
User meadowpoe on Reddit said:
“This is a really nice and selfless gesture, but what is not good whatsoever is going to the bcash subreddit later on and bash bitcoin about tx fees and surrender to all the stupid comments those subnormals made in your videos there… All comments you got in your video when you posted in that stupid sub was a comparison about btc bcash. They dont even give a f about what u r doing. Edit:/ and no, getting donations in bcash wont make your life any easier.”
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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
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