Venezuela faces a tragic crisis of very high rates of inflation of up to 1400% per year. 90% of Venezuelans live on their salaries and cannot save. According to Hector, a famous Redditor in Venezuela, the NANO donations are helping him and the local community to get through the crisis that the country is facing.
NANO is a cryptocurrency that has helped Venezuelans to carry out instant and free transactions. This provides an alternative method for settling payments in the inflated economy.
The funds the NANO community gathers has helped the Venezuelans to face the crisis, for a period. Contributions were made to one Reddit user’s account by other users. The Reddit user window 7733 then used the donation to buy food amounting to one hundred kilograms to help other needy people in his community.
Venezuela is known to record the highest inflation rate in the world. The country’s monthly salary equates to 1.33 dollars. Hector goes ahead to comment on the gathered funds stating that:
“We didn’t choose NANO, but it just turned out that the Nano community is the biggest contributor right now in helping Venezuelans, and that’s wonderful because the currency fits the solution to several problems we are facing in our country.”
Hector says that he would go without food was it not for the money donated by the NANO community. In Venezuela, the use of the local currency, called Bolivar, is hard and complicated since it is of low value. This has led to the increase in popularity of the cryptocurrency. However, the use of cryptocurrency is against the law.
Despite the NANO currency being less popular than bitcoins, the NANO community is substantially involved as there is a promise of increased popularity as there are measures put in place to promote their growth.
Hector involvement with the cryptocurrency world led to the two communities, NANO community, and the Venezuelans, coming together, with the NANO community providing solutions such as Buy Bitcoin to the Venezuelans problems.
“Handling other currencies to make payments denominated in any currency different from bolivars is illegal. We can’t have for ourselves any foreign currency because we are obliged to exchange it for bolivars for certain rates established by government officials,” Hector states about the county’s situation.
Although these currencies have been of great help in fighting poverty among the people in Venezuela, the situation does not seem to get any better shortly as it remains complicated. The NANO community comes as one of the first humanitarian cases of cryptocurrency to be used directly to help suffering citizens in countries being faced with the crisis.
Due to hyperinflation being experienced in Venezuela, the standards of living have considerably dropped. The use of NANO and cryptocurrency to carry out transactions is helping to improve the conditions in which the citizens live.
Hector’s sentiments best describe the extent of gratitude expressed to the NANO community for their help,
“Thank you guys for your help. I never expected this to go like this.it moves my heart for your generosity. Not only will I buy food for my relatives and me, but also help others with that money, especially some neighbors needing antibiotics they can’t afford.”