US Government Enlists USDC for ‘Global Foreign Policy Objective’ in Venezuela...

The government of Venezuela is now focusing its action on trying to establish the bolivar as the go-to currency for purchases in the country. According to several economists, this might be a risky bet in a country that has just exited hyperinflation and still suffers high levels of inflation. However, the establishment of a 3% tax targeting expenses in foreign currency and crypto is having some effects in this regard. Venezuela Seeks to Strengthen Its Fiat Currency After having defacto dollarization, which the president of the country called an “escape valve” from....

The ongoing hyperinflation in Venezuelan markets is reportedly causing an increase in Bitcoin adoption, according to the Panam Post. The online media outlet has collected evidences from a nonprofit digital currency educationalist, Bitcoin Venezuela. Their report demonstrates a drastic surge in Bitcoin usage - almost 50% within one week - in the wake of government's stringent controls over the foreign exchange markets. The Backdrop. Back in February 2003, the Venezuelan Government - led by the late former President Hugo Chavez - introduced a three-tier exchange rate policy in order to....

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....

A Venezuelan pastry shop, Tortas Don Eduardo, accepts bitcoin, despite the fact that acceptance has been slow, according to diariobitcoin.com, a Latin American bitcoin journal. The proprietor, Eduardo Hernandez, investigated bitcoin while using the web in his work. “At first, the concept of bitcoin is strange, but if you work on the web like me or if you sit to investigate the matter, (it) turns out to be a possibility when doing business,” Hernandez said. Why Accept Bitcoin? Hernandez adopted bitcoin on account of its growth as a currency, its market value, and its ease of transaction. In....

The platform advised users to withdraw funds quickly, noting it would halt trading for Venezuela-based clients on July 31, with all accounts “fully restricted” beginning Sept. 30. Crypto trading platform Uphold said it will be withdrawing support for users in Venezuela due to sanctions imposed by the United States government.In a Thursday announcement, Uphold said “owing to the increasing complexity of complying with U.S. sanctions” the platform would “very reluctantly” be moving out of Venezuela. The platform advised users to withdraw their funds as soon as possible, noting it would halt....