BOLIVARIAN REPUBLIC OF VENEZUELA

MINISTRY OF PEOPLE'S POWER FOR UNIVERSITY EDUCATION

EXPERIMENTAL NATIONAL UNIVERSITY
"SIMON RODRIGUEZ"
VALLES DEL TUY NUCLEUS
SUBJECT: MODERN LANGUAGE
ADMINISTRATION MENTION MATERIAL AND FINANCIAL RESOURCES
SECTION: 4

Implementation of the use of crypto

assets for the legal exchange of
currencies in Venezuela

Made by: Rosa Marin.

Willianny Carrillo.
Teacher: Froilán Martínez

Santa Teresa del Tuy, May of 2023

 INDEX

p.p

INDEX………………………………………………………………………… i
.

INTRODUCTION…………………………………………………………… 1

The Cryptocurrencies……………………………………….………………... 2

Cryptocurrencies as an investment alternative…………..…………………… 4

CONCLUSION………………………………………………………………. 5

References…………………………………………………………………… 6
 INTRODUCTION

The development of new technologies has brought with it great changes to

society, integrating into the way of life of human beings, mechanisms that help them
carry out their activities safely and quickly. One of the advances that has been
revolutionizing the world is the way in which we see and handle money, since man
has the possibility of carrying out transactions at any time, from anywhere in the
world immediately. These innovations have been the consequence of the social
changes of the consumer, which in turn have caused the economic and financial
channels to become unbalanced. Clearly technology has broken barriers, opening
doors to a financial evolution that has the power to completely transform our world,
possibly leading to the disappearance of the currency we currently manipulate. At
present, the term "cryptocurrencies" has become common, since it has been a topic
that generates discussion regarding its development in the economic sector, since it
has broken into the basic pillars on which our society is based and in the way how
the economy, governance systems and business work.

These types of strategies are based on contextualizing the Venezuelan population

about the new virtual medium that has been linked to the economic market, such as
cryptocurrencies, generating an approach to the new modality of trading, either to
carry out a exchange of products or services, or to venture into the field of business.
Likewise, a tour of the evolution that money has had will be carried out, until
reaching cryptocurrencies, where the main characteristics, operation of this type of
system, its advantages and disadvantages such as the new modality of "exchange"
will be known. Finally, the acceptance that cryptocurrencies have had in the
Colombian market will be studied, thus knowing some points of view on the impacts
that virtual currencies could cause in the future.
 The Cryptocurrencies

A Cryptocurrency is an electronic currency, with which transactions can be made

without having to go through any financial institution or platform, which reduces
costs for the investor in virtual currencies. In short, it is an electronic system based
on cryptographic operations that does not pay a third party (intermediary) but
works through Blockchain. One of the Cryptocurrencies that emerged in this
electronic monetization process and currently the best known is Bitcoin and its
ticker or stock code is BTC, according to (Markets, Cboe Global, 2018).

Cryptocurrencies as an investment alternative

There are several investment alternatives in the market and to make the decision,
the risk filter or analysis is always carried out, which depends on the investor's
profile. With the rise of globalization, electronic commerce negotiations (electronic
commerce) have increased: emerging countries such as Venezuela are not far
behind in this world trend, since according to statistics "in 2017 more than 87
million transactions were carried out, presenting a 36% increase compared to 2016”
(Merchan, 2018). The foregoing seems to confirm the growing trend of Venezuelan
citizens to carry out negotiations via the Internet, which include investors in virtual
currency who see the Global Network (medium and fundamental base to operate
with Cryptocurrencies) a good way to carry out transactions and make their
investment profitable.

A person who chooses virtual currencies as a means of transaction can operate

with fundamentally technical analysis and in real time their investment, since they
can use Cryptocurrencies as a means of payment in commercial sites worldwide or,
they can even be transferred, in a matter of minutes. . , between user accounts as a
method of payment or gift to whomever the owner decides.
 To understand the evolution and growth that cryptocurrencies have had, it is
necessary to know some concepts:

1. Electronic Money: “specialists define it as a form of money that allows data to be

stored and transferred to different networks or interconnected computer systems.
In other words, the largest proportion of this type of money in circulation is mostly
digital. Kurtzmann's "megabyte money" can be cited as an example of cross-border
interbank payment." (Rosso, Alba, 2017)

2. Digital Money: “is any means of monetary exchange that is carried out by
electronic means. When you transfer money from one bank account to another, you
are using digital money. When you pay with a card in a store, too. That is, when a
payment or money transfer is made without physically exchanging coins or bills,
digital money is being used. Virtually all the money in the world is digital, with cash
only making up about 8% of money in circulation.” (Grandson, 2018)

3. Electronic Commerce: Laudon K. and Guercio (s/f), define it “as the implication of
digitally enabled transactions between organizations and the individual. It involves
an exchange of values (money) across organizational or individual boundaries, to
products or services. Digital exchanges are enabled through the use of networks.
These seek to benefit users who intend to offer and/or buy goods or services limited
by fiduciary money as a means of payment. However, this type of exchange is not
limited and rather transcends and seeks to expand the possibilities, which is why
digital money is currently used as a means of payment in various transactions
worldwide.

4. Electronic currency: this alternative emulates the characteristics of physical

currency. Anonymity is its differentiating characteristic, since it is intended that
electronic currency allows payments to be made that are not recorded and that do
not link users to their purchases. Other features that are sought are offline transfer,
portability, and security against counterfeiting or using the currency in more than
one payment. (Ferrer, G., s/f).

In Venezuela, the use of cryptocurrencies as a form of payment is regulated by

the Constituent Decree of the Integral System of Cryptoactives number 41,575 of
January 30, 2019.
 Conclusion

In Venezuela you can currently buy, sell or transfer Cryptocurrencies using the
different applications or internet platforms, you purchase a wallet and if you want to
monetize in Venezuela, it is possible using Athena ATMs, machines that work in a
very similar way to an ATM, it is important to take into account the commission
discounts, and even though in Venezuela there is no regulation, these machines
require the scan of the identity card of the person who is going to use it, a
requirement that records the identification and movements of purchase, sale,
withdrawals of each person.

Cryptocurrencies represent a decentralized investment option, as it is also an

accepted payment option for some international companies, it operates under
highly secure technology, which could lead many investors to another field,
however, it is estimated that, according to the investigations carried out, the
Cryptocurrencies will not allow to be centralized, perhaps at that moment they
would lose all their differential against investment options such as Forex or refuge
assets.

Venezuelan regulations allow the use of cryptocurrencies, but to trade with them,
it is necessary to make the registration to which we have referred. It is also
important to note that Venezuelan regulations prohibit the use of cryptocurrencies
for activities derived from terrorism or money laundering. But, it must be
recognized, there is a legal basis that opens the door to block technology for the use
of cryptocurrencies in a free and open way.
 References

 Arraño G., Erika, “Agregados Monetatios: Nuevas Definiciones”. Estudios

Económicos Estadísticos, Banco Central de Chile, No. 53, 2006.
 Dabdoub, J. A. (2017). Criptomonedas: ¿qué son y por qué importan? Forbes -
México.
 Dumitrescu, G. C. (s.f.). Una Radigrafía del Bitcoin Criptomoneda. Rumania.
 Ferrer Gomila, (s/f). Sistemas de pago. Barcelona – España.
 Laudon K. y Guercio (s/f). Criptoactivos. Lima – Perú.
 Markets, Cboe Global. (2018). Cboe. Consultado 13 de Abril de 2023. Disponible
en: https://drive.google.com/file/d/1dXwA9Q7i0gszh4s6ufBfTmyZq2_5--zz/
view.
 Merchan, (2018). El mundo de los criptoactivos. Santiago de Chile - Chile.
 Nieto, A., (2018). ¿Cuál es la diferencia entre criptomoneda, moneda virtual y
dinero digital?. México D.F - México.
 Rosso, A. (2017). Impacto de la Digitalización de la Moneda. Buenos Aires –
Argentina