Developed countries steering towards the adoption of technological developments, developing countries, and underdeveloped countries aren’t lagging behind. Particularly in the adoption of cryptocurrencies, the latter has been keener on the topic. Venezuela stands as substantial proof of the same. The latest news from the country further emphasizes its interest in cryptocurrencies.
Satellites To Address Internet Issues
The economic instability in Venezuela has left its citizens as well as the government veering towards cryptocurrencies for relief. While attaining proper internet connectivity could be a task in certain regions of the world, satellite nodes have come as a ray of hope. Utilizing Blockstream’s technology, Anibal Garrido and AnibalCripto set up the space node in Venezuela. The prominent crypto startup, Cryptobuyer reportedly spearheaded the entire event, as it provides services related to Bitcoin across Central and South America.
In its blog post, Cryptobuyer pointed out that the latest infrastructure eliminates the necessity for a local internet connection to access Bitcoin. Employing Blockstream’s EUTELSAT-113, the startup carried out its first transaction through the satellite and emerger successful.
Stressing the importance of addressing real-world problems, the CEO of CryptoBuyer, Jorge Farias said,
“For example, we already deployed Bitcoin ATMs and Bitcoin point-of-sale terminals across the region, and also launched a fiat-crypto exchange platform. Now with the Bitcoin satellite node, we address the local issues of internet connectivity in Venezuela. Users can’t afford to be cut off from the Bitcoin network!”
Adam Back’s Blockstream made an entry to Central America with this latest partnership and would reportedly prolong it. The capital of Venezuela, Caracas, and Boliver State are yet to have nodes installed. At present, this Bitcoin satellite is limited to the residents of Valencia. Furthermore, Cryptobuyer intends to cover the entire county allowing users within the proximity of the satellite nodes to connect via local mesh networks.
Anibal Garrido, the CEO at AnibalCripto also commented on the latest innovation. Garrido stated,
“Having a 24/7 always-available digital money system independent of local internet infrastructure is now a reality.”
While the electricity, as well as internet services in Venezuela, are considered to be below average, the latest innovation could aid the adoption of crypto in the country.