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


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

More cryptocurrency solutions keep appearing on the scene for Venezuelan residents as U.S. sanctions weigh on Nicolás Maduro’s government, including heavy restrictions on the circulation of foreign exchange transactions, driving people to find on crypto a way to circumvent such hurdles and the economic crisis.

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).

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

According to their website, the major purpose of launching this platform is to help Venezuelan freelancers to deal with the ongoing economic crisis, which has driven Venezuela’s national currency, bolivar, to have a strong depreciation since several years ago due to hyperinflation.

With the Venezuela-based freelancing platform, Venezuela Workers expects to connect local freelancers with “major companies” worldwide.

If a firm wants to hire a Venezuelan worker through Venezuela Workers, but they don’t have BTC or BCH to arrange the payment, the platform allows exchanging other cryptos through a third-party site.

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.

Tags in this story
BCH, Bitcoin (BTC), bitcoin cash BCH, Bitcoin in Venezuela, BTC, Freelancers, freelancing, Venezuela, venezuela bitcoin adoption, venezuela bitcoin use, venezuela crypto adoption, venezuela sanctions, Venezuelan Economy, Venezuelans

What do you think about crypto-friendly freelancing platforms? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments