Zimbabwe Venezuela bitcoin rampant has entered the “cashless society”

Zimbabwe Venezuela bitcoin rampant has entered the “cashless society”


The cashless society, is the future development trend of the world, but now because of various technical and political reasons it is an existence of a mirage and insubstantial objects. However, recently it can be found throughout the world, there have been two Latin American countries in Africa to advance into the cashless society of the future full of style “”! The two countries are Zimbabwe and venezuela.

This is how one thing? Why so many rich countries do not touch the specific idea and the two economic backward countries but can lead the international big step? Through in-depth study found that the original is forced: economic collapse of domestic currency devaluation of foreign currency without channel crazy, can only be used under digital currency to become real money to get stable, a strange combination of circumstances became the “cashless society”, has become the electronic currency field test in the world.

Currently in Zimbabwe, because of the collapse of the country’s legal monetary system has been a long time, the largest denomination banknotes issued by the government has reached 100 trillion yuan, plus the current increasingly serious economic difficulties, the inflation rate soared again, the dollar cash shortage is becoming more and more serious. Economist VinceMusewe says: “the current situation and the inflation situation is just the opposite. Before, there are a lot of cash, but no goods in the store. Now, there are a lot of goods on the shelves, but we have no money to buy.”

So in this case, the encrypted bitcoin currency is not regulated by the government has become the people the last choice. Because of this, a bitcoin trading volume in the country Golix.io exchange of nearly $ten thousand, than the global average price of $5642, nearly twice as high.

According to local traders said bitcoin not only bought by individuals, but also by the merchant to buy bills. Zimbabwe LocalBitcoins require customers to buy bitcoin in the global average price, but some customers are still in the capital to buy more than fired this high to $10000 cash encryption currency.

At the same time, because of Venezuela’s inflation is also further out of control and look to Zimbabwe, who estimated that in September up to more than 2400 percentage points, more people are using the Venezuelan mining bitcoin, Wright coins and other digital currency as a response to the national runaway inflation and national survival in a food and drug products that are scarce the.

Bitcoin mining is a part of the Venezuelan people make a living secret work, everyone in order to avoid the serious impact on the economic and political crisis, and also avoid the International Monetary Fund this year may reach 720% inflation. Many Venezuelans neither computer geeks nor financial master, they just found the dollar’s confidence in Bolivar and efforts, therefore the hope on the current value of about $6000 bitcoin virtual currency or other. Because of international sanctions have made Venezuela for foreign currency, provides an important channel for the people of Venezuela cryptocurrencies.

In this case, bitcoin has continued to grow in popularity in venezuela. It has become the leading domestic parallel currency. Some vendors even started to accept bitcoin. A popular online travel agency Destinia Bolivar pointed out that due to legal currency instability and many Venezuelans attempt to leave the country encountered difficulties, “bitcoin will be the preferred payment method is very helpful”.

Therefore, some experts pointed out: “Venezuela is becoming a cashless society, we find that it is becoming the first bitcoin of sovereign state.”

In the face of this situation, the Venezuelan government launched a crackdown on the bitcoin community, the police to “abuse of power” or disruption of the State Economic blackmail in the name of a citizen. With the passage of time, the discontent of the attacks intensified, mining staff become increasingly obvious. In the biggest attack, two mining member has 11000 mining was arrested and charged with computer, network crime, theft, fraud and even exchange, the financing of terrorism.

Bitcoin, no matter what the conditions in the specific time specific play myself a conducive to social function, it really is helping these people survive in times of economic uncertainty, but also because of the existence of bitcoin, both social and economic to be alive, the total collapse of the final No.

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