Candidate to the Constitutional General Assembly in Venezuela, Jorge Dommar calls for the bitcoin legalization in the country by releasing the video. According to Dommar bitcoin will be a great help for the country by giving exposure to the global financial market.
Jorge Dommar is the first politician to propose the bitcoin legalization in the country and the restriction of government imposed on digital currency. He also started a campaigned in which people are more likely to use cryptocurrencies for international trade and less depended on the government. 30th July is the date of Constitutional Assembly elections in Venezuela.
After the cash crunch in Venezuela, lots of Venezuelan got depended on the cryptocurrencies to survive the national crises. As no service like PayPal and the Western Union is working in the country.
People in Venezuela found cryptocurrencies as the savior that help to buy goods and services for the family. They buy gift card for the purchase from an eCommerce market place like Amazon to fulfill their daily needs.
However, the people are unaware of the use of bitcoin in the country are a lot more in numbers. The former president of the Venezuelan Federation of Chambers of Commerce Noel Alvarez said maximum 1% of the population is accessible to bitcoin which means the volume is too low for major operations.
The reputation and support for the cryptocurrencies were not always been good for Bitcoin. In the past, the authorities have banned all the bitcoin exchanges and mining pool website. In which the country’s biggest exchange SurBitcoin also got temporarily shut down.
According to the CNN report, a new bitcoin exchange launched in Venezuela Monkeycoin. The representatives of exchange claim to be the first regulated exchange in the country and they are cooperating with authorities on legal frameworks such as KYC and AML (Anti-Money Laundering).