Two Blockchain companies, Horizen which was formerly known as ZenCash and Cripto Conserje have collaborated. Their alliance has led to the development of a project that teaches Venezuelan refugees living in Columbia how to use cryptocurrency. Specifically, they are trained to use ZenCash to manage the country’s inflation and falling rates of Bolivar, Venezuela’s fiat currency.
Venezuelan Authorities to Regulate the Use of Cryptocurrencies
Authorities in Venezuela have been known to find ways to regulate the use of virtual currencies in the country. They have also tried to control how mining rigs are imported. However, this has been futile due to the high level of inflation and the devaluing of the country’s fiat money.
The same can be said about the country’s cryptocurrency, Petro which is currently inaccessible when it comes to daily trades. That is to say; citizens cannot use Petro to buy goods and services which would’ve served as an alternative to Bolivar. Rather, traders have to rely on online platforms to exchange Petro with other digital assets.
Dash, Bitcoin, and ZCash Become the Most Traded Digital Assets
For this reason, it is not uncommon to find citizens using cryptocurrencies such as Dash, Zen, and Bitcoin to buy supplies and necessities for themselves. A media outlet reports that this has led to an increase in the trading of these virtual assets especially Bitcoin. Also, more people are resorting to their use instead of Bolivar and Petro.
Cripto Conserje’s has set up a project in Cucuta, a region in Columbia bordering Venezuela. This project helps to educate people on how to use these digital currencies and therefore, promotes their adoption. About 100 merchants in the area are being negotiated with. These people will exchange their goods and services for Zencash, thereby making its trade for food, medicine, etc. possible.
Cryptocurrency Companies Donate to Charity
In an earlier report, BTCNN revealed that $Pac coin, another cryptocurrency company is teaching these refugees how to use its digital asset, $Pac coin. The company also noted the high level of scarcity in the region. Thus, they began airdropping $5 worth of its tokens to refugees daily.
Coinbase’s charity has also impacted Syrian refugees living in Greece. The Californian-based cryptocurrency exchange had outlined people were finding it hard to access financial services. Therefore, they chose to pay their donations in Bitcoin which will ensure it gets to a refugee’s wallet directly and no transaction fees are applied to it.