With the rise of cryptocurrencies in the world market, many Latin American countries are now integrating the digital coins into their national economies. For Venezuelan President Nicolas Maduro, betting on crypto could be the last resort.
by Sebastian Preising
What does a country do if they are suffering from hyperinflation, rampant government corruption, and are bordering on total economic collapse? Some states may choose to adopt another nation’s currency or elect anti-corruption politicians, others are starting to turn towards unconventional solutions. In Venezuela, Bitcoin has already begun steadily replacing the hyper-inflated Bolivar as the nation’s primary transaction currency. In the last week alone, Venezuela reportedly traded over $350 billion Bolivars for Bitcoin, and continues to do so at an increasing rate.Continue reading “Pegging on The Petro: Venezuela’s Crypto-friendly Strategy to Save a Failing Economy”