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Companies have “the puzzle ready” to use cryptocurrencies in Venezuela

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One of the problems most circulating among companies developing business with cryptocurrencies is related to corporate adoption. How to convince a business community to adopt cryptocurrencies such as bitcoin (BTC) as a payment method and not get frustrated in the attempt. This topic was discussed at the Caracas Blockchain Week conference held this week.

In the panel “Entrepreneurs Using Cryptocurrencies,” Eleazar Colmenares, CEO of Cryptobuyer, César Hernández, CEO of Mega Soft, and Ernesto Contreras, business developer at Dash, commented on the challenges and solutions involved in adopting cryptocurrencies in Venezuela.

Colmenares recalled interesting figures revealing the state of cryptocurrency adoption in Venezuela.

According to the United Nations, 1 in 10 Venezuelans cryptocurrencies used in 2021. Chainalysis, for its part, has published several studies that place Venezuela among the top countries. In October of this year, Venezuela 37 billion euros were traded in cryptocurrencies.

“It breaks down the idea that cryptocurrencies are not accessible to everyone. or that they are of little use,” pointed out Eleazar Colmenares, who runs a company that provides a payment gateway, exchange and outlets for merchants who want to accept cryptocurrencies in their businesses.

According to the speakers, Venezuela presents a favorable economic scenario for the use of cryptocurrencies. The instability of the country’s main payment currency.and the inclusion of new currencies in the economic system are reasons for cryptocurrencies to have a place among the already numerous payment options available to Venezuelans.

“The capacity for innovation of the entrepreneur, of the Venezuelan businessman” is one of the virtues of those doing business in Venezuela. Because “day by day they are developing the ability to provide solutions to all these inconveniences that often become a problem,” Colmenares reflects.

Volatility and cultural transformation.

“There is a key word to consider: transformation. But, transformation not only from a digital perspective, but also from a cultural perspective.”Colmenares said.

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When there were problems with cash and “change” became another issue, “cryptocurrencies gained momentum because people went with their walletAll it took was displaying a QR code to pay 100 percent of the bill, no more and no less,” explains Eleazar Colmenares.

On volatility, the speakers clarified related concerns. With the tools traders have at their disposal to “take no market risk.”

According to Colmenares, an exchange “is in the business of stabilizing payment, whatever the cryptocurrency.” That is, it fulfills the function of exchanging currencies that are considered volatile, such as bitcoin (BTC) and ether (ETH) into a currency that facilitates the entrepreneur’s accounting. For example, stablecoins, dollars, or even bolivars.

Everything is in place for enterprise adoption of cryptocurrencies.

“We have all the pieces of the puzzle ready, now we have to put them together,” claims César Hernández, who heads a company that provides software and infrastructure for merchant payments in the country. This large company recently included the option to accept cryptocurrencies in its system.

“With a proper process, with the coming together of all these cryptofans and people who believe and trust and have generated products, we will be able to convince entrepreneurs so that it starts flowing as what it is, as a currency,” Hernández said.

In this sense, the entrepreneur clarified that there is legislation in Venezuela that is favorable to the adoption of cryptocurrencies.

“In Venezuela we are sufficiently advanced, we have legislation that provides for the registration of cryptocurrencies for accounting purposes,” Hernández explained. According to the entrepreneur, this requirement should not be an obstacle to the adoption of cryptocurrencies..

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“Why will entrepreneurs accept this means of payment? Because there are people who have this means of payment,” argued César Hernández, who believes that the adoption of cryptocurrencies as a payment method will grow as demand among cryptocurrency users increases.

“The entrepreneur needs trust, stability. What we have failed to do is evangelize entrepreneurs with the message that the exchange will guarantee, with fiat currency, with a stablecoin or with any other mechanism” that their money will not be volatile, Hernández said.

For the speakers, the necessary link between trading and cryptocurrencies is the exchange or some mechanism that allows them to have the ability to convert volatile cryptocurrencies into stable currencies. In this sense, they explained that there are already many platforms that facilitate this.

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