Venezuela has always lagged behind in everything related to the technology aspect, which has brought a person ignorant of knowledge of emerging technologies as a result. One of them is blockchain technology because it's not the main area of interest for most people, it's almost nonexistent. And for those who know this, they see it as a way to make money by eliminating all the potential that blockchain has to offer.
Also, words such as defi, exchange, decentralized, farm, harvest are not entirely known here, but the momentum of blockchain and cryptocurrencies is so strong that even countries such as Venezuela are beginning to see major technological changes. It opens up a world of possibilities for many Venezuelans who have a similar situation to Nigerians.
Venezuela Exchange CoinCoinX recently announced that it will partner with Binance to expand its crypto market operations in the country and give it the opportunity to change many lives. The benefits of this commercial alliance include the ability to trade bolivars and take them to Binance in real time, unlimited withdrawals, have cryptocurrency monitors by Chainalysis, access to Binance's product portfolio, and the ability to make almost free transfers with this platform. .
And for many Venezuelans who are currently in leofinans as samgiset or celi130, it gives us the opportunity to buy BNB with their local currency bolivars and our metamask wallet, get BNB cuban and deposit them in CUB farms or shelters and thus more. Located in the Leofinance ecosystem, even in a more remote situation, it gives us the opportunity to buy LEO to bet and thus increase the voting power, so the possibilities are endless.
This alliance of the Venezuelan exchange with binance is a broad gateway to the future, think of everything that will be used in Venezuela, for example: buying everyday items, paying with crypto in cafes, restaurants and pharmacies. Also send money to anywhere in the world at real speed and without high commissions, pay for daily business, repairs and household supplies. There is also the opportunity to import technology that will contribute to the development of the country.
But like any good story, this one has a downside. Since activity with cryptocurrencies in the country is currently highly regulated and trading on Binance doesn't require a lot of money as a commission, the country's authorities do it with high taxes. This has led many to do such activities in other ways and out of sight of the authorities.
Also, as this technology is new to most Venezuelans (Yes, they still use a passbook in banks and checks), there is a lot of insecurity in these services due to its high volatility and lots of fraud reports, many of them prefer to avoid it. Also, these types of exchanges are very centralized and you could potentially lose your money. And finally, there is only one bank (more than 20 banks in the country) available on this exchange to attract your BNB to bolivars, so if you have another bank, you have to wait the next day to get your money, which does not give any confidence.
However, it remains to be seen how this new window to the crypto world evolves, probably as the demand for services like this increases, we will see better and less centralized routes, so the full potential Venezuelans can take advantage of will continue to be seen. using this technology.
