Addressing the financial situation in Venezuela will pose many challenges. Cryptocurrencies are still in the best position to make a meaningful impact in this regard. The Center for Strategic and International Studies is thinking along the same lines.

The financial struggles taking place in Venezuela have been documented quite often in the past few months. Most efforts to solve these problems have been in vain up to this point. Things only got even more confusing with President Maduro introducing the country’s own cryptocurrency. The Petro is still virtually useless at this stage, and it has not improved the lives of regular consumers whatsoever.

Solving the financial problems in Venezuela will require a multi-pronged approach. According to the Center for Strategic and International Studies, cryptocurrencies will need to make an impact sooner rather than later. That is much easier said than done, especially when considering that the country is not necessarily open to Bitcoin and altcoins at this point in time. An uneasy situation has been created in this regard, and some clarification is more than needed at this point in time.

The think tank envisions a bright future for peer-to-peer electronic cash transfers in Venezuela. As such, cryptocurrencies fit the bill perfectly because of their global nature and ample liquidity. Through the peer-to-peer approach, targeted assistance can be delivered to those people who are in dire need of financial aid.

CSIS Americas Program Associate Director Moises Rendon noted:

For example, the use of cryptocurrency to safely transfer worldwide donations, following a model like EatBCH, is a novel approach already creating a positive impact for Venezuelans on the ground today.

These observations come at an interesting time for the cryptocurrency industry. Both EatBCH and the Nano cryptocurrency have begun making a positive impact on Venezuela in their own way. Although these are minor localized efforts, there is a bright future ahead for cryptocurrency in the country. Assuming, that is, that the government will allow this form of money to thrive in the years to come, rather than oppose it completely.

While there are many reasons to oppose cryptocurrency, it is evident there are plenty of benefits to take into account as well. With lower fees and a global appeal, it is evident cryptocurrencies such as Bitcoin can make a big impact on this country. That is not just the case with Venezuela, as other inflation-stricken countries can reap the benefits of cryptocurrency as well.

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