Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions

Venezuelan Freelancers Find Ways to Circumvent U.S. Sanctions by Using Crypto
Venezuela Workers, a Venezuelan freelancing platform, had emerged to connect local freelancers with global employers who are seeking to pursue some project or performing a specific task. But the platform is the first-of-its-kind in the country, as all the payments are made via cryptocurrencies such as bitcoin (BTC) and bitcoin cash (BCH).
Chainalysis: Venezuela Is an “Excellent Example” of Crypto Adoption
Venezuela is among the key players in the Latin American crypto industry in terms of adoption. A study published by Chainalysis on September 8, 2020, described the country as an “excellent example” of crypto adoption within emerging countries as a means to mitigate the economic crisis. They stated:Our data shows that Venezuelans use cryptocurrency more when the country’s native fiat currency is losing value to inflation, suggesting that Venezuelans turn to cryptocurrency to preserve savings they may otherwise lose.Venezuelan freelancers have also been facing additional struggles to handle crypto peer-to-peer (P2P) payments. Paxful announced the shutting down of its operations in Venezuela back on September 16, 2020, to comply with the U.S. economic sanctions against the Maduro administration. According to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctions, U.S. citizens are prohibited from doing business with the Venezuelan government or government-owned businesses, among other restrictions. What do you think about crypto-friendly freelancing platforms? Let us know in the comments section below. The post Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions appeared first on Bitcoin News.
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