Bitcoin for Troubled Economies, the Venezuela Example
People in Venezuela adopting Bitcoin during turbulent times shows the cryptocurrency's potential to bring order amid chaos. Bitcoin has emerged as a savior for many in dire situations. The decentralized nature of Bitcoin, combined with its ease of use and secure nature makes it an ideal alternative for those in troubled economies or cut off from the traditional financial system. The economic condition of Venezuela and Bitcoin’s increasing adoption in the country has presented itself as a case study for mainstream and fringe economists alike. The mere mention of Bitcoin evokes mixed....
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Trading volume on peer-to-peer exchanges broke another all-time high in most of South America, Russia, and even in the U.S. South America Following Venezuela. According to recent stats, Bitcoin continues to gain popularity presenting itself as a way out from accentuated inflation, demonetization policies and general economic and political uncertainty in troubled countries. Besides Russia (as usual), LocalBitcoins has registered another record week across South America. Countries including Chile, Venezuela, Colombia, and Brazil are all seeing record high trading volumes in their respective....
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....
All Pizza Hut locations in Venezuela now accept a broad range of cryptocurrencies, including bitcoin, via the payment platform Cryptobuyer. Pizza Hut joins Burger King, Intercontinental Hotel, Traki, and several other major stores in Venezuela that accept bitcoin. Pizza Hut Accepts Bitcoin Cryptobuyer announced on Friday that all Pizza Hut restaurants in Venezuela now accept cryptocurrencies, including bitcoin. The company wrote: From today, you can share with your family and pay with cryptocurrencies … in any of the Pizza Hut restaurants in Venezuela. The announcement adds that....
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....
Analysts from Venezuela have expressed their worries about the expulsion of a number of Russian banks from SWIFT, an international messaging system that allows the interconnection of banks. These measures could affect the finances not only of Venezuela, but also of other countries in the region, damaging their capability to move funds, which is highly dependent on services provided by Russian banks.
Russian Banks’ SWIFT Expulsion Could Affect Venezuela
The recent announcement of the expulsion of some Russian banks from the SWIFT payments system has raised concern about the....