Venezuelan Minimum Wage Reaches $3 as More Venezuelans Take Refuge in Cryptoc...
The president of Venezuela, Nicolas Maduro, approved a minimum wage raise increase last week that took it to three dollars monthly, a very low income for the citizens of the country that are facing a strong economic crisis since 2013. However, the crypto environment has been growing, and now Venezuelans are flocking to exchanges like Binance and Localbitcoins, platforms that are now serving thousands of Venezuelan users monthly with their peer-to-peer offerings destined to preserve the value of their money. Venezuela’s Minimum Wage Raised to $3 Monthly Earlier this week. Nicolas....
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The new decree that makes official the recently announced Venezuelan minimum monthly wage rise has been revealed in the Official Gazette, with no mention of its supposed peg to the petro, the national cryptocurrency. The law published mentions that the wage will be 130 VES, using the national fiat currency as a unit of account, something that contradicts statements of the Venezuelan president.
Official Gazette Reveals Real Salary Raise for Venezuelans
The recent publication of the Oficial Venezuelan Gazette, a magazine where laws and decrees are published when approved, revealed....
Things are not looking good in Venezuela. Food is reportedly tough to procure or inflated, and the country's minimum wage puts people beyond poverty. Recently, individuals have reported the Venezuelan government has taken a strict stance on foreign currencies, including Bitcoin. The Venezuelan government has not released official figures regarding the lack of availability of basic products in the country. A leaked government study, however, has shone light on the question. Alongside scarcity, Venezuelans are enduring the rising cost of food, with the monthly cost of an average Venezuelan....
The current minimum wage in Venezuela is still just US$12.84. Hyperinflation has been plaguing the Venezuelan economy for quite some time now. It is also one of the reasons why the government decided to mint new coins and banknotes. The next step in the long recovery process is hiking the minimum wage by 50%. An intriguing decision that can affect Bitcoin adoption in the country. President Nicolas Maduro shocked the world by hiking Venezuela’s minimum wage all of a sudden. It is not the first time this happens, although the latest 50% increase seems rather steep. In fact, it is the fifth....
A failing Venezuelan government that has left the country deep in the trenches of economic ruin has now published an article through a state-owned media outlet that sums up bitcoin as a currency used by criminals and terrorist groups who, it deems, are the “main activists and advocates [of] bitcoin.” In a time of hyperinflation and a failed economy, the country’s minimum wage alone puts Venezuelan citizens beyond poverty. A high unemployment rate and hyper-inflated food prices are among the most critical concerns faced by Venezuelans. Understandably, citizens have been....
Venezuelans are having trouble flying in and out of their country. Spanish discount airline Air Europa has indefinitely stopped taking taking bolivars, the Venezuelan currency, since the Venezuelan government stopped exchanging them for U. S. dollars. "The reservation people told me that I could buy the ticket in dollars or euros, but not bolivars," said one stranded passenger. "I'm Venezuelan, and what other money do I have?" Indeed, around the world, citizens are subject to dictators' whims by virtue of being forced to use a currency over which leaders have absolute control. Such was the....