Often featured in the news due to its long-term economic and social crisis, Venezuela is actually at the front of the crypto boom in South America. First, it is the home of Petro which is being billed as the first cryptocurrency to receive full support by a state and made equal to the official fiat currency Bolivar.
The crisis which Venezuela has become known for actually spurred the adoption of cryptos in this country, with many citizens opting for using these currencies instead of increasingly devalued official one. Even the government can be said to be open to various crypto projects, offering support for a remittance platform allowing its citizens within the country and abroad to send tokens to their fellow countrymen. Prior to this, the authorities also promised using Petro to build affordable housing for the homeless and allowing tourist to pay their bills in cryptos.