Skip to content
Real Cryptocurrency Hub

Real Cryptocurrency Hub

Crypto Comeback Pro is an auto trading platform that allows you to invest in the crypto market and start making money right away. Sign Up HERE

  • Home
  • Start Trading
  • English
    • English
    • Español
    • Italiano
    • Polski
    • Svenska
    • Deutsch
    • العربية
  • News
  • Mining
  • ATM
  • Bitcoin (BTC)
  • Guides
  • How To’s
  • Exchange/Wallet
  • Brokers
  • Bitcoin Price Prediction
  • Home
  • Crypto News
  • Venezuelans Can Now Purchase Stablecoin With Their Stimulus Checks
  • Crypto News
  • Crypto Token

Venezuelans Can Now Purchase Stablecoin With Their Stimulus Checks

Lucas Duffy March 6, 2021 2 min read

Venezuelan citizens would be able to purchase digital assets from the welfare accounts that were awarded to them by the state very soon, an update said. This move was made possible due to the recent partnership between the biggest state-owned bank and stablecoin issuer, Glufco. The finds will be provided to them if they wish to buy through the payment system used across the state. The payment system in question, Biopago, has been pivotal in the country in the last few years. Since its establishment, the firm has helped Venezuelans send and receive money from outside and inside the country.

Interested participants can buy the Glufco tokens

The country also uses this same payment system to move money from the central bank into several bonds and other assets through the Patria system. The country recently used this system to facilitate payments of relief checks to its citizens and used the system to make crypto payments. This update now means that Venezuelans would immediately exchange their relief stimulus checks for the Glufco tokens.

The tokens are pegged to the United States dollars, signaling a larger boost to their portfolio. It also means that Venezuelans would hold their funds in dollars and protect themselves against the decline that their currency is suffering recently. This also means that Venezuela’s citizens now have their hands on crypto, and they could decide to change from the Glufco tokens to either one of Bitcoin or other digital assets. This update was made available in a recent press statement by the COO of the stablecoin firm, Antonio Di Caprio, mentioning that they support Bitcoin, Litecoin, Tether, and Dogecoin.

Venezuela’s economy has worsened

Venezuela’s conditions are not new to the entire world as the country has had to put up grand corruption and inflation levels in the last few years. Also, international sanctions, economic recession, and other things have seen the country’s currency take a declining run in the past few years, ranking as one of the world’s worst-performing currencies. A move that the citizens have taken to shield themselves from this is buying up dollars in so many ways.

Even though the country has drummed its illegality until recently, the citizens have been undeterred as they have continued to buy up more. Another way that they have been able to survive is through their investments in digital assets like Bitcoin. A recent publication by analysis firm, Chainalysis has shown that Venezuela has taken up the third spot in countries that adopted crypto last year. Also, its peer-to-peer buying and selling of digital assets have been pointed out as one of the most active worldwide. With the country’s president realizing that the currency has declined almost beyond redemption, they have agreed to look at the dollar as their second currency.

Post Views: 553

Continue Reading

Previous: Russian Appellate Court Orders Re-tiral of Criminal Proceedings Against Cryptouniverse
Next: UAE to Become a Green Digitized Economy

Related Stories

Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy
2 min read
  • Bitcoin (BTC)
  • Crypto News
  • Price Analysis

Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

July 1, 2022
Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC
2 min read
  • Crypto News
  • Ripple (XRP)

Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

June 30, 2022
Mining Ban in Iran Sparks Negative Reaction from the Community
3 min read
  • Crypto News
  • Cryptocurrency Mining
  • Regulation

Mining Ban in Iran Sparks Negative Reaction from the Community

June 29, 2022

Read our disclaimer

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$19,163.06
-2.15%
ethereum
Ethereum (ETH)
$1,043.49
-2.31%
tether
Tether (USDT)
$1.00
0.11%
usd-coin
USD Coin (USDC)
$1.00
-0.09%
binancecoin
BNB (BNB)
$215.63
-3.27%
ripple
XRP (XRP)
$0.313015
-1.86%
cardano
Cardano (ADA)
$0.446105
-2.38%
dogecoin
Dogecoin (DOGE)
$0.066747
0.65%
polkadot
Polkadot (DOT)
$6.70
-1.39%
Uniswap
Uniswap (UNI)
$4.87
-0.83%

Recent Posts

  • Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

    Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

    Just when the price of Bitcoin (BTC) elevated a bit, many investors thought it was growing for good.
  • Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

    Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

    The chief executive of Ripple Labs, Brad Garlinghouse, talked about the company’s lawsuit with the Securities and Exchange
  • Mining Ban in Iran Sparks Negative Reaction from the Community

    Mining Ban in Iran Sparks Negative Reaction from the Community

    Iran recently reintroduced its seasonal crypto mining ban once more and this has resulted in backlash from the
  • Bitcoin Miners Sell their Holdings Due to Crypto Winter

    Bitcoin Miners Sell their Holdings Due to Crypto Winter

    Increasing energy costs, plunging prices in the crypto market and more competition in the market is biting into
  • CBDC Helps Nigeria Remain Competitive in Digital World

    CBDC Helps Nigeria Remain Competitive in Digital World

    According to the governor of the Nigerian central bank, the introduction of a digital currency called e-Naira in

Start Trading

Categories

Top Posts

  • Ghana Moves into Advanced Stage of Developing Official CBDC

    Ghana Moves into Advanced Stage of Developing Official CBDC

    Ernest Addison, the present Governor of the Bank of Ghana, informs that the bank is now in an
  • Crypto Powered ATMs Installed At Airport Premises in US

    Crypto Powered ATMs Installed At Airport Premises in US

    Williston, a US city located in North Dakota, has been installing crypto-enabled ATMs within the premises of Williston
  • Bitcoin’s Weekly Round-Up – BTC Adoption, Miners Exit Continues

    Bitcoin’s Weekly Round-Up – BTC Adoption, Miners Exit Continues

    Briefly – BTC struggles to gather enough momentum to retest the $40K crucial psychological level. Bitcoin adoption continues
  • ECB Plans To Design Its CBDC More Energy Efficient Than BTC

    ECB Plans To Design Its CBDC More Energy Efficient Than BTC

    According to reports, the Central Bank of Europe is now implementing new ways to develop a new type
  • Safe Holdings Review – A Recommended Crypto Broker

    Safe Holdings Review – A Recommended Crypto Broker

    Safe Holdings Review Safe Holdings is a brokerage firm that has been working in the crypto market for

Archives

You may have missed

Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy
2 min read
  • Bitcoin (BTC)
  • Crypto News
  • Price Analysis

Bitcoin Tries Hard to cling to $20k as Its Future is Expected to be Bumpy

July 1, 2022
Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC
2 min read
  • Crypto News
  • Ripple (XRP)

Brad Garlinghouse Says Ripple will Leave US if it Loses to SEC

June 30, 2022
Mining Ban in Iran Sparks Negative Reaction from the Community
3 min read
  • Crypto News
  • Cryptocurrency Mining
  • Regulation

Mining Ban in Iran Sparks Negative Reaction from the Community

June 29, 2022
Bitcoin Miners Sell their Holdings Due to Crypto Winter
2 min read
  • Crypto News
  • Cryptocurrency Mining

Bitcoin Miners Sell their Holdings Due to Crypto Winter

June 28, 2022
  • Kraken
  • OrbitGTM
  • Fxoro
  • BTC-Trends
  • KuCoin
  • Huobi
  • Bitfinex
  • PrimeXBT
  • United Exchange
  • Impressive Area
  • DG Flex
  • Tredexo
  • Sure Exchange
  • CTmatador
  • DXCBIT
  • IBC Exchange
  • CryptoPayIn
  • PrimeHolders
  • CMC Markets
  • XCGIN
  • Globe Exchange
  • XPRTcoin
  • Mainrow
  • Goldvence
  • Gamma Capitals
  • Towards Soure
  • CoinsMarkets
  • Cryptos Circus
  • Easy Crypto4U
Copyright © All rights reserved. | DarkNews by AF themes.
  • bitcoinBitcoin(BTC)$19,163.06-2.15%
  • ethereumEthereum(ETH)$1,043.49-2.31%
  • tetherTether(USDT)$1.000.11%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • binancecoinBNB(BNB)$215.63-3.27%
  • rippleXRP(XRP)$0.313015-1.86%
  • cardanoCardano(ADA)$0.446105-2.38%
  • SolanaSolana(SOL)$32.51-1.78%
  • dogecoinDogecoin(DOGE)$0.0667470.65%
  • polkadotPolkadot(DOT)$6.70-1.39%
  • UniswapUniswap(UNI)$4.87-0.83%
  • bitcoin-cashBitcoin Cash(BCH)$101.570.21%