Bitcoin has become a vehicle for buying fiat money for Venezuelans
Bitcoin has become the intermediate currency between the bolivar and the dollar
Venezuelans don’t invest in bitcoin, but in dollars
MTC will help labor migrants send money to families
International consortium of news organizations developing transparency standards.
Venezuela’s economy has been in decline for several years after the imposition of sanctions by the United States. Trying to support the financial system, the government of the country even put into circulation its own digital currency, Petro, which today pays salaries to civil servants..
However, the introduction of Petro did not solve the problems in economic policy, and even led to the aggravation of the situation of local residents. Merchants and service providers refuse to accept digital currency as a means of payment. At the same time, the Venezuelan new bolivar continues to lose its value against the background of foreign currencies and is heading into the abyss..
The economic downturn in Venezuela encourages local residents to look for other sources of accumulation of funds, one of which is cryptocurrencies. It is Bitcoin that has become one of the most popular instruments for Venezuelans, and the number of daily transactions with MTC in Latin America and, in particular, in Venezuela exceeds the indicators of other countries. This statistic is proved by the latest data from the LocalBitcoin.com platform..
Venezuelans choose bitcoin not as a reliable and profitable instrument for investment, but only in order to acquire more stable fiat currencies such as the US dollar or the Argentine peso. In other words, Venezuelans massively buy bitcoins for bolivars, exchange them for US dollars and store them as a long-term investment..
Since the Venezuelan government has banned the exchange of national money for other foreign currencies, crypto coins have become the only way to save in dollars or pesos. At the same time, the anonymity of transactions allows Venezuelans to avoid persecution by the authorities..
In addition, cryptocurrency helps migrants who work outside the country to send money to their families without commission. Most of the payments made by labor migrants are made in cryptocurrencies. Thus, Venezuelans have found a way to accumulate “hard” fiat money without violating the laws of their country..
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