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Venezula’s Economic Crisis: How Can Cryptocurrency and Blockchain Tech Help?

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Guest Halo-Devin


Halo Platform is building the web’s most functional cryptocurrency toolbox in order to bring the benefits of cryptocurrency and blockchain tech to the masses. This is an important service in the growing cryptocurrency markets because blockchain technology can be used to help address some of our most critical social and economic problems.

David Hay is a young entrepreneur that is looking to change the world by empowering people through blockchain technology. He believes that cryptocurrency and blockchain tech can address a number of hard realities for people living in third world countries. This includes local problems like a lack of jobs and homes to national issues like a lack of government or economic support.

Hay is focusing his work on one particular country at the moment: the economically and politically embattled nation of Venezuela. The Venezuelan people are suffering due to the economic impacts of improperly-managed centralized control, and they may find a solution in decentralized blockchain technology.

Venezuelan Economic Collapse Leaves Future Uncertain

Venezuela is suffered from astonishing hyperinflation due to its government’s frivolous spending and the economy's reliance on oil. Resulting in diminished the worth of the country’s currency, as of writing one Venezuelan Bolivar is equal to just over one U.S. Cent. The hyperinflation in Venezuela’s currency is causing the average weekly wages in the country to tank, and the average wage in the country is now approximately $1.95 per week. As a result, almost half of all Venezuelans wish to leave their country and nearly 10% already have.

Even though Venezuela is experiencing economic turmoil, mass poverty, lack of jobs, food shortages, and rioting, the majority of the Venezuelan people aren’t looking for charity. Instead of a handout, they are simply looking for a handhold to pull themselves back up out of the depths of economic chaos. And if Hay is right, this handhold may very well come in the form of cryptocurrency and blockchain tech.

How Can Cryptocurrency Help?

In times of crises, innovation is born – and the citizens of Venezuela desperately need innovation.

Cryptocurrency has the potential to create a large network of jobs and increase access to financial services. Because it’s virtual, decentralized and transparent nature, location is no longer an issue and anyone with access to internet is able to safely work with this technology. The citizens of Venezuela need their country’s economy to improve, and blockchain tech offers a suite of economic possibilities to the most vulnerable populations. As a result, cryptocurrency and blockchain technology may be just the silver bullet Venezuela needs to slay its economic monsters.

In extreme circumstances like those that are ongoing in Venezuela, people need more than just bare necessities. They need opportunities that give them both a sense of purpose and a way to make money. David Hay and like-minded individuals want to introduce Venezuela’s stifled economy to blockchain technology. Blockchain tech provides an avenue for innovation and access to financial services, which will naturally fuel job growth.

Cryptocurrency and blockchain tech have the potential to change the lives of individuals living in the farthest most regions of the globe. It provides several important economic opportunities to third world countries and other nations affected by economic collapse. Together, we can do something with very meaningful with cryptocurrency – and Halo Platform is here to help make this brighter future a reality!

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