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The crypto ecosystem in Venezuela is a product of ongoing economic collapse and international sanctions pressure, according to the TRM Labs team.<\/p>\n
Venezuelans are already heavily reliant on blockchain technology<\/a> for banking after suffering through a decade of economic pressures; however, usage is likely to keep growing if conditions worsen in the South American country, blockchain intelligence firm TRM Labs says.<\/p>\n As regional and geopolitical tensions continue to rise, driven in part by US-Venezuela tensions, causing macroeconomic instability and the bol\u00edvar\u2019s continued devaluation, At the same time, regulatory ambiguity and continued uncertainty surrounding the country\u2019s crypto regulator, SUNACRIP\u2019s, authority and enforcement capacity, and eroding trust in traditional banking infrastructure could prolong the population\u2019s dependence and drive more usage.\u00a0<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n
the TRM Labs team predicted<\/a> in a report on Thursday that demand for stablecoins as both a store of value and a medium of exchange will rise. <\/p>\n\n