Economic Problems in Venezuela
The economy of Venezuela is largely based on petroleum. According to 2014 data, total trade based on petroleum is 48.1% of the country's GDP. On the other hand, exports accounted for 16.7% of GDP and petroleum products accounted for around 95% of that. Venezuela ranks sixth in size by oil production among OPEC members. Venezuela's economic growth continued from 1950 to the early 1980s. During this time period many immigrants came to the country, while the country enjoyed the highest standard of living in South America. Following the fall of oil prices in the 1980s, high dependence on oil resulted in progressive local currency devaluations and inflation skyrocketed. The highest figure reached 84% in 1989 and 99% in 1996, three years before Hugo Chavez took office.
The United States is Venezuela's most important trading partner. The United States exports machinery, agricultural products, medical equipment and cars to Venezuela. On the other hand, Venezuela is one of the four major suppliers of foreign oil to the United States. According to the International Energy Agency (as of August 2015), the production of 2.4 million barrels per day supplies 500,000 barrels to the United States.
There was a coup and strike to overthrow President Hugo Chavez. The 2002-2003 Venezuelan general strike was an attempt by the Venezuelan opposition to President Hugo Chavez to force the election of a new president. The main impact of the strike stems from the cessation of the oil industry, especially the state-run PDVSA, which provides a large portion of Venezuela's export revenues. Chavez fired 20,000 experienced employees, mostly engineers, line managers and geologists. Therefore, production efficiency decreases. Inflation exceeded 100% in 2015 which was the highest in the world and the highest in the history of the country at that time. Inflation has reached its highest point in Venezuela, where the country's currency is almost worthless because people are trying to evacuate increasing chaos.
The government, currently led by President Nicolas Maduro, has been experiencing a recession since 2013 due to economic policies and falling oil prices. Nicolas Maduro hopes to offset the impact of the crisis by printing more currencies. Printing more money worsened the situation and the government achieved nothing but feeding hyperinflation monsters.
Cryptocurrency as a Solution
Venezuela launched 'Petro' in February, and it was billed as the world's first sovereign cryptocurrency. It was built on the Ethereum blockchain and is intended to save the country from wild inflation and foreign sanctions. Unfortunately, it has lost 'the value of almost 10 times sharing the fate of almost all crypto currencies. Although losses in the value of Venezuela take a step forward to legitimize the use of cryptocurrency.
President Maduro, announced the official launch of the national cryptocurrency Petro. Public sale of Petro will start on November 5th. The country oil purchases will be paid with Petro. This stipulation also relates to international airlines which lie through local airports, as fuel for aircraft will also be sold for Petro. Petro will also be used as a unit of account for local salaries, goods and services as the national fiat which has been struggling with hyperinflation.
This is a major advance in mainstream cryptocurrency adoption. Most residents will start using cryptocurrency for daily monetary actions. Because most of the population in Venezuela suffers from poverty, cryptocurrency will enable these people to survive. I cannot say whether Petro will save Venezuela from poverty because it is centralized and the government issued it does not have a clean record of currency management. . On the other hand, cryptocurrency will save individuals from poverty. We know that cryptocurrency does not lose value in the long run. Appropriate investment decisions based on technical analysis and strong fundamentals will enable individuals to gain financial freedom.
It is uncertain that if the Venezuelan economy will be saved by Petro but, cryptocurrency will be a solution for individuals.
Cryptocurrency problem
There is a problem related to cryptocurrency ownership. First of all, people are afraid of cryptocurrency. Cryptocurrency is too high risk to pursue. With most of the unregulated and countless frauds we have seen over the past few years, that is an understandable problem. Concerns will be even worse for Venezuelans who cannot afford to lose money from hard work more than anyone else in the world.
Another problem is that buying cryptocurrency is a difficult task and one needs to use several tools and platforms to achieve it. There is a risk of losing funds if there is a failure in one of the steps required.
HubrisOne Solution to Venezuela
Although the government promotes the use of cryptocurrency in the country, people will still need a reliable solution to introduce cryptocurrency so as not to risk their hard-earned money. HubrisOne, which is a mobile application that allows users to do anything they can do with call center operators through telephone banking. It has an integrated cryptocurrency wallet that is easy to use with API integration for exchanges that allows users to buy and store cryptocurrency using the application. Only requires a smart phone with an internet connection.
According to Conatel, 60% of the population in Venezuela (which is around 19 million people) has internet access in June, 2017. On the other hand, 40.1% of the population (of which around 12.9 million people) have smart phones according to the Global Market Report Mobile Newzoo 2018. This is a great opportunity for Venezuela to create digital bank accounts using HubrisOne in GBP, USD and EUR currencies. After completing KYC and AML users will be able to use their digital account. There is no Bolivar Sovereign option for Venezuela, but, I believe the founders are aware of the potential in the country and will consider adding it in the future.
HubrisOne is built into an easy-to-use application for cryptocurrency related transactions as well. Users will be able to easily buy, store and sell cryptocurrency. This feature will help Venezuela save its hard-earned money because it has deteriorated due to hyperinflation.
I cannot find statistical information about people who do not have bank accounts in Venezuela but consider the last 30-40 years in this country and consider the current inflation rate, a high percentage has a high probability. These people will enjoy the benefits of having a digital bank account through HubrisOne.
Cryptocurrency has the power to give financial freedom to people. Being an early user increases this opportunity several times. Cryptocurrency is still in its infancy, so there are many opportunities for those who buy during this time. By providing cryptocurrency trading options along with well-known well-known structures, HubrisOne eliminates risk factors for those who do not have a cryptocurrency by manipulating their perceptions. In addition, the simplicity of buying, storing and selling cryptocurrency with HubrisOne, will allow more and more to adopt crypto. HubrisOne provides a unique opportunity for those who do not have a bank account and cryptocurrency. Venezuela will not miss this opportunity.
Important links:
Website: https://www.hubrisone.com/
Telegram: https://t.me/HubrisOneOfficial
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Telegram: https://t.me/HubrisOneOfficial
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Authors: YarisRiyadi1st
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