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Encouraging Crypto Mass Adoption in Venezuela: A Way Around Maduro’s Financial Fire Wall
Learning how to manage cryptoassets could give a way for Venezuela’s opposition to use a dictatorship-resistant financial system, receive donations from Diaspora abroad, channel money quickly to pro-democracy activists, and not be hurt from the illegitimate Maduro regime’s bank account freezes. Just as importantly, cryptoasset use could give suffering Venezuelans a low-cost way to receive remittances so they don’t pay 5–30% in commissions.
Yet for all of electronic money and cryptofinance’s gains in Venezuela, adoption remains far from being a viable alternative to sovereign bolivar (VES) and physical USD daily use. Possible approaches to take to encourage more adoption have come into view:
- Commission to Merchants
Give commission to those merchants accepting cryptopayments for a set period, thus incentivizing crypto use. This could especially encourage stablecoin use — such as DAI stablecoins. This is similar to PayPal’s historic $10 giveaway to new users in the early 2000s. One possible partner is Xpay.cash which is reportedly taking 3.99% commission from merchants. If desired, GiveCrypto could cover that commission and top up so that merchants have a financial incentive to accept crypto instead of fiat currency. Merchants could pass on some of…
