The Venezuelan Economy: Bitcoin To The Rescue
It is popular knowledge that the Venezuelan economy is passing through some very difficult times. With an inflation of 275% in 2015, and IMF forecast of a far worse situation in 2016 as the nation struggles to find stability in it’s economy. Can Bitcoin play any role at all? If so, how big a role can the Cryptocurrency play in the given situation? Venezuela has been in the news lately, but not for very positive reasons. The country faces severe social and economic problems, such as high inflation (the highest in the world), shortage of basic goods in the markets, high criminality and media....
Related News
Venezuela is the world’s worst performing economy, hit by 700% hyperinflation and sinking in debt. Its currency, the bolivar, is currently losing half its value every 18 days. However, the government announced on Monday that it will remove the country’s largest banknote (100 VEF, worth $0.02 on the black market) over a 72 hours period. We tried to assess....
The people of Venezuela are starving. There is a shortage of food and medicine, says Reuters, while recounting a terribly saddening story of a Venezuelan mother giving away her child. They live on $6 a month. “Just one chicken meal would now burn up half [of their] monthly income.” BBC The BBC says that “T]his will be a difficult Christmas for thousands of impoverished Venezuelan families, some of whom are now facing genuine hunger.” Once one of the richest nation in South America, Venezuela has been brought to its knees, seemingly overnight. The sudden fall in oil prices has led to a....
A failing Venezuelan government that has left the country deep in the trenches of economic ruin has now published an article through a state-owned media outlet that sums up bitcoin as a currency used by criminals and terrorist groups who, it deems, are the “main activists and advocates [of] bitcoin.” In a time of hyperinflation and a failed economy, the country’s minimum wage alone puts Venezuelan citizens beyond poverty. A high unemployment rate and hyper-inflated food prices are among the most critical concerns faced by Venezuelans. Understandably, citizens have been....
Sunacrip, the Venezuelan cryptocurrency watchdog, has recently published a new set of AML/KYC requirements for VASPs (Virtual Asset Service Providers) that establishes new and updated rules about the kind of information these providers must require and share with the Venezuelan government, raising alarms in the cryptocurrency community about what the government could do with this data. Venezuelan Crypto Watchdog Sunacrip Strengthens KYC/AML Requirements for VASPs Last week, the Superintendence of Crypto Assets and Linked Activities of Venezuela (Sunacrip), quietly published a new set of....
Venezuela is in economic turmoil, shaking the country to its core. Venezuelan digital asset brokerage Cryptobuyer believes the country’s situation warrants a broadening in currency options for citizens. To cater to this perceived need, the firm enables Venezuelans to purchase bitcoin — and recently Dash. Cryptobuyer Offers Bitcoin & Dash to....