Ernesto Contreras, co-founder of Caracas Blockchain Week, Venezuela's international Bitcoin and Web3 conference, and board member of Dash Core Group, has spoken with me to comment on how cryptocurrency adoption is doing in Venezuela and Latin America, as well as to talk about some of the unique elements the region has within the ecosystem.

What can we really expect from cryptocurrencies in Latin America?

Ernesto Contreras (EC): Despite all the problems in our region, Latin America is a space of dreamers, hard-working people who are constantly looking for new opportunities to emerge, and it is there, in the midst of this desire, that cryptocurrencies fluoarish. The Web3 ecosystem has opened an impressive number of doors for thousands of Latin Americans, spaces that did not even exist before in the traditional finance world.

We have seen Latin Americans embracing Web3, from the NFT ecosystems and theircrypto-games, local crypto-artists collections, the DeFi solutions that are allowing Latin Americans to access financial services that are unthinkable in their local banking systems, to the actual use of cryptocurrencies and stablecoins serving as protection against the inflationary processes happening in the region.

All these use cases have turned our region to become a unique adoption space in the world, a situation that in fact has been reflected in all studies of global adoption of cryptocurrencies that have been conducted and show that among the countries with more adoption we can see Argentina, Colombia, Mexico and of course, Venezuela.

Landing in Venezuela, how do you see the adoption of cryptocurrencies there?

(EC): From my perspective, Venezuela is the country where cryptocurrencies are really within the reach of anyone. From Mothers receiving remittances, to their sons using cryptocurrencies, supermarket payments with stablecoins, workers acquiring crypto as protection against inflation, major payment gateways allowing the use of payments with crypto. All of these use cases show that most Venezuelans have real awareness, and all can have access to cryptos.

What is missing for the adoption of cryptocurrencies to grow more in Venezuela?

(EC): Venezuela needs to show the world everything that is happening here: the use of cryptocurrencies on a daily basis, the basic knowledge that many have about Bitcoin... All these things that from the outside are thought to be impossible to happen and that are happening in Venezuela. We need this so that more companies can come to the country and leverage this unique environment to showcase and offer their products. Many people talk about El Salvador, and their push to Bitcoin adoption, but the reality is that everything that El Salvador has in terms of usage, Venezuela has had since 2019! We want to show to the world the benefits and reality of this crypto adoption!

Also, we need to make our country more aware of the latest innovations that are happening in the ecosystem. In the midst of such a fast-paced Web3 world, it is very common that many updates go unnoticed, even though they can represent a very important change for the lives of many.

These needs are exactly what inspired us to create Caracas Blockchain Week, which beyond being just another Blockchain conference, has aimed to become the space where Venezuelans can demonstrate to the world everything we have been building here in the country, as well as allow, in the same space, international players to come to our local space to share with Venezuelans what they are doing.

How is Caracas Blockchain Week preparing for 2023?

(EC): In our first edition held in November last year, we managed to gather about 3500 attendees, the participation of more than 75 national and international speakers, along with the inclusion of more than 20 brands and companies, we decided to hold a second edition in this 2023.

This year's gathering promises to extend beyond showcasing the adoption of cryptocurrencies within our nation. We're dedicated to spotlighting the potential of Venezuela in contributing solutions to the Web3 landscape. As a testament to this commitment, we're thrilled to unveil the country's first ever crypto-hackathon, which will be a groundbreaking initiative. This addition will complement the highly acclaimed keynote sessions, panels, and networking opportunities that resonated so strongly during the inaugural Caracas Blockchain Week.

All these dynamic elements are converging for our upcoming second edition, set to take the global stage in October. Once again, we're excited to reconvene in the heart of Venezuela's capital, Caracas.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis

BTC

ETH

XRP