Cryptocurrency
World Bank can but won’t use bitcoin to send aid to Venezuelans, according to Human Rights Foundation CSO Alex Gladstein
As reported by The Block, “The Open Money Initiative, a Human Rights Foundation-sponsored field research project focusing on Venezuela, has found an opportunity for international organizations like the World Bank to use bitcoin to provide aid to Venezuelan citizens in need. “Currently, humanitarian organizations cannot directly send money into the country due to the government’s […]
As reported by The Block, “The Open Money Initiative, a Human Rights Foundation-sponsored field research project focusing on Venezuela, has found an opportunity for international organizations like the World Bank to use bitcoin to provide aid to Venezuelan citizens in need.
“Currently, humanitarian organizations cannot directly send money into the country due to the government’s objection to foreign aid. However, they can take advantage of bitcoin and privately transfer aid money in the form of digital assets, said Human Rights Foundation CSO Alex Gladstein.
“International organizations and non-profits can simply convert their fiat currencies into bitcoins and send the assets to local marketplaces, he explained. Local operators will then convert the received bitcoins into Bolivars and use them to purchase food and whatever supplies that the Venezuelan population is in dire need of.
“According to Gladstein, there are currently many peer-to-peer marketplaces in Venezuela that can be used to trade between fiat and bitcoin. LocalBitcoins is one of the most popular ones, observing more daily trading volumes than those of the Caracas stock exchange, he said.”