Can Bitcoin Help Venezuela’s Crumbling Economy?
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....
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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.....
Venezuela’s peer-to-peer bitcoin activity has been extraordinary, whether measured as an absolute or relative to GDP, according to CoinDesk Research data.
Four Bitcoin miners have been arrested in Charallave, Venezuela according to the spanish-language Bitcoin publication Criptonoticias. The arrest comes at a time of turmoil in Venezuela’s economy, with some individuals turning to Bitcoin. Four Venezuelans Arrested for Stealing Power to Mine Bitcoin. In the early morning of January 25, Venezuela’s director....
The global economy has suffered through many busts and booms leading to prolonged recessions. During these economic downturns, governments have instituted capital controls, money seizures, and austerity measures. In these times of unrest, it’s nice to know people can always depend on Bitcoin. As the Global Economy Shudders State Officials Clamp Down On....
The weakening economy of Venezuela under the regime of President Nicolas Maduro is forecast by the International Monetary Fund to reach a consumer-price inflation rate of 480 percent by the end of this year, and peak at 1,640 percent in 2017. Venezuela’s growing financial crisis and economic collapse also pressured the government to announce a state of “economic emergency,” which immediately gave the Venezuelan government full control over the goods, assets, properties and food of private companies. The state of “economic emergency,” which was extended for another 60 days by Maduro on July....