…As the economic abyss calls Venezuela, citizens are becoming more desperate.
Understandingly, many maneuvers by the government, such as the abolition of the 100 Bolivar banknotes, are extreme.
The Bolivar is losing value each day, with inflation assuming catastrophic features (over 800% in 2016), which means that asset building and economic trading are hardly possible. Cryptography is therefore viewed as an alternative by an increasing number of Venezuelans, especially as their volatility is low compared to Bolivar. It can be seen, for example, that the volume of Bitcoin trade in Venezuela has risen sharply.
The trading volume of 1.3 million USdollars is still tiny, but the graph shows a strong increase. The bitcoin adaptation in Venezuela is supported by the recently opened Bitcoin stock exchange Monkeycoin.
[Read about monkeycoin in Venuzuela here: http://www.diariobitcoin.com/index.php/2017/06/13/abren-nueva-empresa-de-intercambio-bitcoin-en-venezuela-monkeycoin/ ]
Bitcoin is also used as a means of payment in addition to the asset or hedge, since the purchase of imported goods with the national currency is only possible at an extinct black market price. The lack of purchasing power and stability of the Bolivar therefore causes more and more merchants to integrate Bitcoin into their business.
The chief of the federal police agency said recently that bitcoin miners were imperiling the electrical service in a town south of Caracas, which is not implausible, considering that the country’s electrical service, plagued by underinvestment and graft, has often been overwhelmed in times of high demand. (Thieves have also started pilfering electrical and communications gear for valuable components.)
Despite enthusiasm for bitcoin in Venezuela, its spread may be hindered by the seemingly wide net of the authorities’ crackdown and by the one-third of Venezuelans who don’t have bank accounts. –businessinsider.com
Pray for the people in Venezuela!
Send food or money directly to families there, if you know them; please do not trust donation corporations such RED CROSS.
Title: KCN First regulated bitcoin exchange in Venezuela
Video posted 11 Jun 2017 by KCN News