My name is Warao and I am from Venezuela, I have worked as software engineer for the past 6 years and I am also passionate about cryptocurrencies.
I have seen mainstream crypto adoption in the country from the past two years and how tokens like USDT or platforms like Binance P2P are among the most popular options. Indeed, this is reflected in the 2021 Global Crypto Adoption Index as we scored 7th.
I think there are a lot of adoption opportunities by having a system that could be easily used and accessed from here. It would also bring more trading volume and usage to a platform like LocalTerra.
I wanted to get some input from the community on how feasible it would be to create a token pegged to the Venezuelan Bolivar and also if this kind of proposal is in the organization current priorities. Is there any resource on what solutions need to be developed in order to create a new stable coin?
Any other ideas or suggestions related will be appreciated,
This is such a fantastic idea! I have had similar ideas, but trying to get them to become concrete and happening can be a difficult/daunting task. I think this would be incredibly beneficial to Terra, because it would drive quite a bit of growth to $UST, especially since $UST market cap surpassed $BUSD recently.
I am not familiar with how the implementation of $BTC is going in Venezuela, so maybe you could provide a brief summary?
Stablecoins are a much more practical way to use as currency, or at least more fitting than a store of value, like $BTC. It only makes sense to use the best stablecoins, which, if we look at the data is $UST. Let me know if you need any help!
This would benefit all of us.
Venezuelan here, the community is growing and every day more and more people is starting to accept cryptocurrencies, currently the most famous restaurants/bars, local shops, indepenent services, like barbers and taxis accept payments trought binance, we also had a BTC conference recently and there is also a legal framework to work with cryptocurrencies
There is a legal framework built by the public institution Sunacrip. They regulate and promote the usage and mining of cryptocurrencies such as BTC and ETH.
As you mentioned, stablecoins are more practical for everyday usage and they are the preferred option here. At the time of this writing, there are 196 buy offers for USDT vs 44 for BTC on Binance P2P filtered by VES fiat currency which makes me think people is using crypto to facilitate their daily transactions more than holding value on BTC or other coins.
I think it is important to have more decentralized options available in the region so I’d be more than happy to help making available the Terra and UST ecosystem here.