Venezuela’s crisis going on since late 90’s has reached catastrophic levels and worsened since the last 2 years.. The country is suffering from hyperinflation rendering it’s currency useless and leading to humanitarian crisis causing people to starve. There is an increase in hunger, disease, and theft all over the country. It is one of the worst economic crisis in the history of Venezuela. The crisis has originated because the country has funded its social welfare programs with debt. As long as the oil prices were high, this debt was under control. But recently the oil prices have dropped steeply, resulting in revenue loss for the government. The government failed to support the basic needs of the population. To counter this, the country has devalued its currency which resulted in macroeconomic instability.
How Bitcoin Interest (BCI) helped
Thousands of people are suffering in Venezuela as a result of this economic chaos. Hunger, illness and crime has skyrocketed and no solution seems to be in sight.
Julian Alvarez, a citizen of Venezuela, has been helping his neighbors and the families of his friends to get through these tough times by supporting them financially as much as he could. Julian is a member of the BCI community and would often update the team members about the situations back home.
Bitcoin Interest, launched in January 2018, is the world’s first (and still only) cryptocoin that uses ProgPow (Programmatic Proof Of Work) algorithm. BCI coin is mineable and listed for trading on Bitfinex and HitBTC. BCI Bitcoin Interest offers total safety and transparency by allowing staking from your own wallets.
Pekka from BCI’s core team had helped Julian in the past when things got tough. As time passed Pekka found out from Julian that the situation had worsened. Thousands of people were starving, week-long power cuts, lack of proper medical aid, and crime rates were going higher by the day. Upon further discussion about the issue BCI team started thinking if there was something they could do to help the people in Venezuela.
BCI decided to help hungry, starving Venezuelans by launching a humanitarian endeavour. This was a problem as no foreign aid is accepted by government. Donating to ongoing aid campaigns was a big risk as there was a possibility that the funds never reached their destination.
Cryptocurrency, the Answer!
Brainstorming this idea got them to a decision. They sent funds to Julian. The borderless nature of cryptocurrency worked to their advantage as the government could not stop it. Julian then managed to buy all the food locally. He got together 12,500 kg rice and chicken to be distributed to as many people as they could reach.
Through the process of getting all the supplies together Julian had to face a lot of obstacles. The delivery of rice was withheld at the border. After a long 6 hour wait, the truck carrying the rice was released when it was made obvious that thousands of people can be helped with this food. Julian was even held up by the local authorities for what he was doing. They suspected this to be US aid and were furious. But he was able to prove to them that all the food was sourced locally and at the end they had to let him go.
Once the supplies were gathered, Julian with a team of 15 locals started driving around town in 2 trucks, going door to door and making delivery of rice and chicken to hungry families. The word quickly spread around town and people started going out of their homes looking for these trucks in fear of missing out and being left hungry. Eventually the entire area was covered and almost 5000 people were provided full meals.
Bitcoin Interest, with ground support from Julian and his team, completed their mission.
The cost of the entire operation was covered solely by BITCOIN INTEREST.
Pekka from Bitcoin Interest Core Team said, “This aid and this mission had a twofold purpose. One was to actually help the people in Venezuela during this crisis and the second was to show to people that IT CAN BE DONE!”
Venezuela is not able to get international aid for its citizens. The authoritarian government is taking every step to curb dissent. Bitcoin Interest, by facilitating the aid through Julian, a citizen, managed to make a difference directly in the crisis affected area and are encouraging others to follow them as well!
Visit https://foodnotlambos.com/ to read more about their endeavor in Venezuela.
For more information on Bitcoin Interest please visit the official website http://bitcoininterest.io