Venezuelans Are Buying Bitcoin to Purchase Basic Goods, Treat Cancer
Venezuela’s national currency Bolivar Fuerte is rapidly losing value amidst hyperinflation. The official FX value of the Venezuelan bolivar is $1 to 9.95 VEF but in actuality, in the country’s black market, local residents are paying around 5,000 VEF for $1. To avoid the devaluation of bolivar and acquire necessary daily goods, Venezuelans have started to rely on Bitcoin to finance their expenditures. By local exchange rates, 100 bolivar is equivalent to $0.02. The country’s highest denomination banknote was 100 bolivar, but the government demonetized it earlier this week. As a result, the....
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The country’s foreign currency policy has been restricting exchanges for several years now, and since then the only legal method for Venezuelans to get US dollars is through a government agency. Venezuelans can have loads and loads of bolivars (the national currency) and still be unable to buy the sorts of goods that many in the developed world take for granted. Currency controls imposed by the former President Hugo Chavez more than a decade ago and maintained by his successor Nicolas Maduro, make it difficult for citizens to exchange bolivars for US dollars and other foreign currencies.....
The American Cancer Society has set up a fund for crypto donations so the nonprofit can raise at least $1 million by early 2021. Together with The Giving Block, the U.S.-based voluntary health organization expects to collect funds via several cryptocurrencies. Donations to Fund Cancer-Related Research Plummeted 50% in 2020 According to the announcement, the cancer crypto fund seeks to provide funding to ongoing research initiatives. The move happens within the context of a strong decrease in donations over 2020 amid the COVID-19 pandemic. The American Cancer Society says the....
Amidst the worsening economic crisis and financial turmoil, Venezuelans are in search for alternative assets and stores of value to finance their daily living. The imposition of excessive regulation on physical assets such as gold has pushed the demand for Bitcoin in the struggling country. The death toll of starving Venezuelan children is rapidly increasing in Venezuela, to the point where military personnel resort to trafficking food into the country and residents are struggling to acquire basic necessities like medicine. Bags of money. In December of 2016, the New York Times provided....