Venezuela Is Becoming One of World’s Most Rapid Adopters of Cryptocurrency

In September, Nicolás Maduro announced that his government would begin using cryptocurrencies for domestic and international trade. It appears that the government plans to experiment with holding Bitcoin and Ethereum to help replace its static oil reserves

RIO DE JANEIRO, BRAZIL - Between hyperinflation, stalled oil operations, and deepening tensions with the United States, it is safe to say that Venezuela is in crisis and it is ordinary Venezuelans who are hurting the most.

Hyperinflation means that many Venezuelans are forced to use black-market dollars in order to purchase goods. However, there is hope on the horizon. Cryptocurrencies like Bitcoin could help Venezuelans break out of their government’s self-made crisis and thrive.

Crypto use in Venezuela has been driven by a catastrophic economic collapse. Since 2013 the value of the Venezuelan Bolivar has lost more . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?