Venezuela Prints Bills, Closes Borders – Bitcoin to the Rescue
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....
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Citibank has recently announced its decision to terminate the accounts belonging to the Central Bank of Venezuela, leaving the nation with no means of conducting foreign transactions. Venezuela is staring at a far worse economic crisis in the coming days, as US-based banking major Citibank intends to close a number of accounts belonging to the Central Bank of Venezuela and other government arms. If the bank indeed closes these Venezuelan accounts, the country will be left without any means to conduct foreign transactions. As the fears of economic isolation loom over the country, Citibank....
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.....
So far, three Bitcoin exchanges have established themselves in Venezuela. SurBitcoin is by far the biggest, whereas Yabit and Cryptobuyer are relatively new on the scene. Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future. The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to....
Bitcoin knows no borders; transactions between geographical borders is the same as making a bitcoin transfer to someone sitting right next to you. There will be no difference in transaction fee or time required for execution of the transaction. This quality of bitcoin is a boon for people who regularly make overseas transfers, especially people employed in different countries who transfer funds back home on a regular basis or those who keep travelling on work and have to take care of their utility bills etc. back home while on a trip. Bitwala, a bitcoin startup is leveraging upon this....
Incredible mining facilities in China, and cinematic footage of the workers there. Breathtaking scenes from inside the contentious Russian crypto-currency community, where Ethereum developer Vitalik Buterin addresses a packed house. With Nathaniel Popper as narrator, these are just a few of the glimpses TechCrunch offers in a new documentary series into Bitcoin around the world. In his experience, Mr. Popper’s learned that borders matter in Bitcoin. “Bitcoin is supposed to be this global thing,” Mr Popper tells CCN. “As it expands globally, it takes a different shape in each place where it....