In the latest edition of the Stephen Livera podcast, Purse.io’s head of customer support, Eduardo Gomez spoke about how Bitcoin has become essential for Venezuelan migrants. Venezuela was all over the news after its terrible economic conditions sparked one of the massive Exoduses in recent times. Around five million citizens left the country.

Gomez highlighted how exchanges like LocalBitcoin are playing important roles in the lives of Venezuelan residents. He claimed that transferring money to one’s family now usually involves purchasing bitcoin from exchanges like LocalBitcoin and sending it through an intermediate person on the Venezuelan-Columbian border. The middleman will in turn convert it back to Venezuelan currency and deliver it to the family.

Mainstream adoption of crypto can compensate the dire economic conditions of many Venezuelans. It will also ensure greater economic freedom when banks put restrictions on their accounts.

Exchanges such as LocalBitcoin determines the best exchange rates for cross-border payments. The black market, which many rely on to convert their currencies into Venezuelan Bolivar, has extremely opaque arbitrations.

The Venezuelan government has introduced stable coin like Petro in the market, meanwhile its everyday usability is questionable. This is because, the US sanctions have negatively affected the viability of Petro, since the coin is backed by the oil reserves that these sanctions are targeting. The Petro stable coin is traded on small local exchanges and the website to view such transactions are often down.

According to Gomez, providing the people with adequate knowledge on cryptocurrencies can lead to greater adoption in countries like Venezuela. He said this will not only make Bitcoin a medium for cross-border payments, but also a means of day-to-day transactions.