It is no surprise the election body in Venezuela announced the reelection of Nicolas Maduro as President, despite his opposition claming victory. Years of dire economic conditions, sanctions, and nearly 8 million fleeing the country in the last decade have driven dependence on cryptos in Venezuela. I think the dependence upon crypto is symptomatic of a larger problem, a government that has failed its people.
The importance of cryptos in Venezuela lies in the fact that not only is it a way to bypass the sanctions, but it is also the way to allow their citizens to have basic things like food and medicine. It's so pitiful that a country as rich in oil is reduced to using survival tactics. This fact, the state-owned oil company of Venezuela, PDVSA, looking toward Tether (USDT) as a way to circumvent the sanctions imposed by the United States, is proof of how desperate it is.
I don't believe that the results of that election are accurate, especially now that Maduro won 51 percent of the vote.
The opposition candidate, Edmundo González, triumphant with 44%. Also, I'd think it highly suspicious that these results were based on 80% of voting stations. What seems most wrong with this election, however, is that the office of the electoral authority is staffed with Maduro supporters. It is telling that the US Secretary of State, Antony Blinken, expressed "serious concerns" over the election results, and Republican Sen. Marco Rubio referred to the ballot as a "sham election".
I tend to not see Venezuela's reliance on crypto as the answer but more of a temporary ointment. It is reformation that it needs most and an accountable government.
I think it's time the international community looked beyond situation reports in Venezuela and capitalized on support to its people rather than the government. They can take the will of geopolitics from the very gesture of Cuban President Miguel Díaz-Canel congratulating Maduro for his victory and statement from Kamala Harris, Vice President of the United States, pledging support for the people of Venezuela.
It's clear to me that, if anything, the Venezuelan crisis is far from being close to closure, with crypto dependence, although good, acting as just a symptom of a far greater evil. The country needs a government that magnifies its people's voices and really works in an oriented way towards reforms.
Until then, I am left fearing for Venezuela, which will keep struggling, and the larger stake of the enhancement of their lives hangs in the balance.