Today Bitcoin costs $7000, and almost everyone, who knows about crypto, now wants to buy some. With each passing day, crypto becomes more and more adopted. It disrupts different spheres so that, as of now, you can not only trade or store crypto but use bitcoins to pay for dinner in a cafe, pay off debt, and that’s not the full list. Many countries are thinking about issuing their national digital currency while large-scale companies are already accepting crypto.
So, let me start a crypto adventure around the world and we’ll see where crypto is recognized to the fullest. Our first step: South America. Tighten your belts!
Venezuela
I would like to start with the icing. Let’s break the system! Venezuela is a synonym for “cryptocurrency”. Venezuela became the first state in the world to issue a national digital currency. The name of the cryptocurrency is Petro. Using Petro, the government receives funds for exported oil bypassing US sanctions.
And these are not just rumors. In October 2019, President Nicolas Maduro confirmed that the government had already been working with digital money to carry out “free national and international payments.” Maduro also lauded Petro “the one that can compete with Superman [the dollar].”
On the first day of Petro sales, Venezuela managed to earn $735 million. Today, local businesses are required to indicate prices in Petro, and the exchange pairs Petro/CN¥ and Petro/RUB are published daily by the Central Bank of Venezuela.
For ordinary people, Petro remains symbolic. Most residents simply do not know where to buy coins. In the country, Chatex will become relevant. You can use me to exchange BTC for LTC, DASH, XRP and other currencies.
Tip by Chatex: when in Venezuela, swing by KFC. There you can buy a basket for DASH.
Bolivia
Don’t relax! The Central Bank of Bolivia banned the use of cryptocurrencies in 2014. Then one of the largest scams of the decade boomed in the country. A local group of scammers told residents about the benefits of crypto and hit them up for money. They promised a 300-percent ROI in 2 months.
The scheme was quickly detected. However, mass unrest began: thousands of angry cheated investors went out to the streets. As a result, a complete ban on crypto was issued in Bolivia. The persecution of enthusiasts in the country continues to this day.
Tip by Chatex: Do not travel across Bolivia with a wallet full of crypto :)
Argentina
That’s a homeland of Messi and inflation. The latter spurred the interest of the Argentines in the digital currencies. In April 2019, the government week policies bottomed the national currency rate. The inflation rate reached almost 55%, and consumer prices rose by 4.7% per month.
When the Central Bank of Argentina reduced the limit on buying foreign currency from $10,000 to $200 (!!!), BTC trading volumes in Argentina reached record highs.
No wonder why Huobi drew attention to Argentina. The company invested $100,000,000 in the development of a local blockchain-based data center.
Tip by Chatex: In Argentina, you can pay for using a means of public transport in cryptocurrency. To do that, you will need a SUBE pass card and several satoshi on your account.
