Cryptocurrency market in Latin America has shown huge potential, the region that has seen and suffered an economic crisis. Venezuela hit into the top of the crypto news when it introduced sovereign crypto called the Venezuelan Petro. Severe Corruption in the government’s financial system has directed the investors to invest in cryptocurrency
Petro is the state-sponsored crypto of Venezuela to improve the financial conditions because it has been introduced as the mode of remonetization to the country.
The financial systems of the country are divided into two parts viz., one is the government financial system that is strictly regulated with rules and conditions and allows only the national currency to be used in their business. It is stated that US dollars, Euros and pounds are popular in the second financial system and these currencies are kept as a back-up to the suspicious national financial system.
In 2017, the Cambridge study showed a higher rate of increased growth in the cryptocurrency market globally. A new study published by the Cambridge Centre for Alternative Finance shows that despite the severe bear market they’ve experienced this year, the on-boarding of new users and cryptocurrency adoption have increased.
New apps are introduced for the cryptocurrency operations especially for those people who do not have expensive smartphones to use Dash. The lack of confidence in the government due to the corruption that the public is putting less faith in the government, reported Blockonomi.
Invest in Blockchain reported that the users or investors on cryptocurrency are increasing and therefore a few applications are introduced so that easy access can be possible. The Opera Web Browser that features the built-in crypto wallet with dapp support. These developments will increase the number of users in the cryptocurrency market. It is also found that 20 million users who have verified their accounts in 2017 and slowly that number has increased to double into 40 million verified user accounts. The awareness of cryptocurrency has shown a progressive graph with the increase of users 94% in the year 2018.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]