Bitcoin Trading in Venezuela Shoots Up as Economy Worsens
Venezuela is seeing a significant increase in Bitcoin trading. In the midst of severe economic struggles, the Latin American country is seeing a surge in Bitcoin acquisition. According to figures from LocalBitcoins.com, a good metric for across-the-board buying and selling activity, trading has more than doubled over the last month. While Bitcoin remains illegal in Venezuela, desperate times call for desperate measures as citizens, seeking some refuge from hyperinflation and worsening economic conditions, flock to digital currencies rather than government money. Venezuela’s worsening....
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As its economy descends deeper into chaos, Venezuela has once again broken its own BTC trading volume in the first week of August and will probably need a bigger chart for the months ahead. Venezuela’s Walled Garden of Economic Hell. Venezuela has again set a new bitcoin transaction volume record, which has seen exponential growth since the start of....
Venezuela is reportedly paying companies in allied countries, including Iran and Turkey, with bitcoin to mitigate the effects of U.S. sanctions on its economy. The Venezuelan government is also planning to increase bitcoin usage now that it has a dedicated cryptocurrency mining center. Venezuela Uses Bitcoin to Pay for Imports Venezuela has been using bitcoin to pay for imports from allied countries, local news outlet Runrun.es reported this week. The government of President Nicolas Maduro is also planning to increase its usage of bitcoin in trade now that the Venezuelan Army is actively....
Venezuela, which operates an economy that is crumbling down in debt and hyperinflation, announced the demonetization of 100 bolivar fuerte (Bf) banknotes effective in the next 72 hours. Until the central bank releases higher denomination bills, an India-like panic is presumed to occur. Since mid-2016, the Venezuelan economy worsened, as hyperinflation continued to lessen the value of its national currency that was already virtually worthless. By September, simple products like eggs or bread were sold at US$150 to the general population which in Venezuela was equivalent to stacks of cash.....
Localbitcoins saw a roughly 85 percent increase in global volume over the course of 2016, and the growth seen by this bitcoin trading platform was seen equally in both the developed and developing world—albeit for different reasons. While the need for increased privacy and the avoidance of Know Your Customer regulations is known to be the driving force....
On the "Bitcoin Magazine Podcast," Javier Bastardo of Satoshi en Venezuela discussed the failing of his country's economy and hope for Bitcoin. The post Interview: Bitcoin In Venezuela With Javier Bastardo appeared first on Bitcoin Magazine.