Community member ‘PacVzla’ introduces $PAC in the capital of Venezuela (Caracas) hosting the 1st conference in the region as part of a larger goal to help on-board cryptocurrency within their struggling economy.
There has been on-going financial turmoil in Venezuela, resulting in the hyperinflation of their currency the cause of which goes back many years. However, in summary:
Oil revenue fueled most of Venezuela’s economy under former President Hugo Chavez. When oil was $100 a barrel, billions flowed through the state-owned petroleum company and were siphoned off for social programs and food subsidies. But when oil prices fell dramatically, those massive subsidies became unsustainable causing hyperinflation of the native Bolívar currency.
The country has been riven by violent protests for months as opposition leaders face off with Maduro supporters. Anti-government protesters want Maduro to step down, accusing him of eroding democracy. Maduro, meanwhile, has sent the Venezuelan military onto the streets to maintain order.
Introducing $PAC in Caracas
Nowadays, Venezuela has a valueless monetary family because the country is suffering from the highest inflation of its history; With more than 3500% inflation per year. This scenario brings many opportunities for cryptocurrencies like $PAC since its value is tied to the global markets outside of the issues facing the Bolívar. Prices of goods in the country can change every day and sometimes more than twice a day. Despite cryptocurrencies having their own issues with price volatility, $PAC still proves to be a viable alternative currency to the people of Venzuela due to its core design to be an almost zero fee, instant, transaction-focused digital currency.
In Venezuela many people already know about cryptocurrencies, but primarily for their utility as a means to generate income through mining; However, there is not as much information regarding the adoption thereof as a means of payment for retailers.
The Venezuelan government recently announced that it’s legal to use cryptocurrency within the country (source, click here). As a result of this ‘PACVzla’ and other members of the $PAC community have stepped up in partnership with the charitable arm of the $PAC core team to introduce $PAC as a viable alternative to the Bolívar, these conferences will educate attendees on:
- What are cryptocurrencies
- How to use cryptocurrencies
- What is $PAC
- How to use $PAC
- How to set up and install a $PAC wallet
- How to get involved with shared/full masternodes
- How and how to buy $PAC using FIAT (USD, Euro, Bolivares)
These conferences are also a means to attract merchants as well as locals of all ages in order to create a community that can eventually be sustainable by itself and grow gradually day by day to ultimately achieve countrywide adoption. $PAC recently announced plans to enable a full supply chain in the region and build a scale-able financial infrastructure alongside our partners at CriptoConserje. This core team objective is complimented by the efforts PACVzla and his team are doing to hold these growing educational conferences in the region.
The first $PAC cryptocurrency conference in Carcas, Venzuela
The first conference took place on August 18th 2018 at the 5 star Lidotel in Caracas. This was achieved with a limited budget funded entirely through a $PAC community fund which offers smaller funding opportunities to members of the $PAC community outside of the main DAO proposal network.
41 people attended, attracting 2 merchants who are already accepting $PAC for goods and services. These merchants were able to showcase the various methods of transacting in $PAC in a real world environment to attendees. Retailers included a local jewelers and a local bakery.
The conference saw 44 new $PAC wallet downloads containing an airdrop incentive to these new users, a suite of branded apparel was given away to further promote the $PAC presence in the region including T-shirts, hats, stickers and educational branded documents.
Demonstrations on how to install and use the various $PAC walets, how to make purchases with cryptocurrencies and the benefits of doing so. Attendees were able to experience keynote talks by ‘PACVzla’ and his team where attendees where educated on the plans for $PAC in the region as well as the future of the $PAC project.
Future conference plans
What was achieved, with the budget allocated and the time frame available is nothing short of astounding. The entire $PAC core team would like to thank each and everyone of PACVzla’s team for their time, effort and passion in supporting the larger $PAC goal in the region. We look forward to the continued expansion of your conferences in and around the region, some key dates that have been organised include:
– September 18: What is $PAC to merchants and people in general
– October 18: Wallets for $PAC and other cryptocurrencies
– November 18: How to earn $PAC and where to buy/sell it
– December 18: Legal status of $PAC and other cryptocurrencies buying and selling in Venezuela
Be sure to follow @PACVzla on Twitter for future updates on the project and the conferences.