Venezuelan inflation bitcoin boom rising

Venezuelan inflation bitcoin boom rising

  

The Venezuelan people are increasingly used as a substitute for other encryption currency bitcoin unit value, in order to protect themselves from the effects of the devaluation of the Bolivar.

In recent months on Venezuela to accept bitcoin payments of meal expenses sparked heated debate, also said that Venezuela will soon complete bitcoin of.

In 1400%, Venezuela’s inflation rate is the highest in the world, because after years of political turmoil, the South American countries are struggling.

Oil is the mainstay of the Venezuelan economy, oil prices slump exacerbated the financial crisis, the Venezuelan currency Bolivar almost not worth a hair.

For example, Bolivar 100 is equal to 2 cents.

Inflation prompted the Venezuelan people use bitcoin encryption currency, because at least they can help in online transactions.

The Venezuelan administrator LilianaCarvajal said: “the other encryption currency bitcoin because of its digital features, can be used in any country, and they can be traded in the market.”

Since bitcoin mining in Venezuela is not subject to regulation, the government to suppress the users to worry about.

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