80% of Venezuelans today depend on remittances to survive. Almost seven million people have left the country since the protests against the Maduro government started, creating a massive diaspora, almost all of whom send money home to family members trapped in the country.
Simon Chamorro was born and raised in Caracas, Venezuela, so he has seen this problem firsthand. He co-founded Valiu to make it easier to transfer money from Colombia to Venezuela by streamlining remittances using cryptocurrency.
In this episode of Crossing Borders, Simon explains how Valiu is using cryptocurrency to solve real-life problems, and how it has the potential to combat inflation in economies across Latin America. Now living in Colombia, Simon also discusses the important lessons he has learned working with four startups in the Colombian ecosystem, his own experience in starting a company, and where Valiu is headed next.
Check out this episode of Crossing Borders to learn more about the current situation in Venezuela and how Valiu is helping streamline the remittance economy from across the Colombian border.
Blockchain and cryptocurrency initiatives in Brazil are a double-edged sword. While startups and government agencies work to implement blockchain technologies to increase compliance and reduce corruption, Brazil’s 35th President, Lula da Silva, is on his way to prison in part for a Bitcoin-based money-laundering scandal.
Brazil, like the rest of the G20, sees cryptocurrencies as assets rather than legal tender. However, one of São Paulo’s most prestigious universities debuted a Cryptocurrencies Masters’ program this year, so it is unclear where Brazil will land on this contentious debate. What’s more, Brazil’s private and public sectors are rapidly adopting blockchain technology to manage the political and economic challenges of a population of 210 million people.
Here are some of the ways governments and businesses are implementing blockchain and cryptocurrencies in Brazil.
Blockchain and the Brazilian government
The Brazilian government already uses blockchain in a variety of ways for their operations. Two of the most prominent initiatives include a way to regulate land titles in the Amazon as well as a management system for Brazil’s ‘popular petition’ electoral process.