“Cryptocurrency against inflation. In Venezuela, cryptocurrencies are more than just a speculation. They have become an important tool for protecting from the rapid devaluation of Bolivar. Faced with frantic inflation, residents turn to digital assets such as Bitcoin (BTC) or steiblcoins to maintain their purchasing power. Key points in this article: cryptocurrencies played a crucial role in Venezuela as […]”, – WRITE: Businessua.com.ua
Cryptocurrency against inflation. IN Venezuela Cryptocurrencies are more than just a means of speculation. They have become an important tool for protecting rapid devaluation Bolivar . Faced with frantic inflation, Residents turn to digital assets such as Bitcoin (BTC) or steiblcoins to maintain their purchasing power.
The key points of this article:
- The cryptocurrencies played a crucial role in Venezuela as protection against the rapid devaluation of Bolivar.
- Faced with frantic inflation, the Venezuelas introduce bitcoin and steiblcoins massively to maintain their purchasing power.
Cryptocurrencies become part of the daily life of Venezuelan Because bolivar lost over 70% The value of cryptocurrency has become a viable alternative from last October. According to Chainalysis report, Venezuela is occupying 13th place in the world By the level of cryptocurrency implementation, and expected to be used to grow on 110% by 2024.
However, the recent article of Financial Times also emphasizes that the government of Nicholas Maduro, suppressing the use of dollars in the black market, inadvertently pushed citizens to cryptocurrencies. This policy has made the dollar more accessible by making bitcoin and steiblcoins a safer alternative for transactions and savings.
In addition, platforms such as binance and Airtm, Now allow small businesses and large retail networks to accept cryptocurrency payments. Even universities offer courses in these digital assets, demonstrating their growing integration into the local economy.
“There are now many places that accept it. The plan is that one day my savings are in cryptocurrency. “
Source: Financial Times
Bitcoin and steiblcoins as protection against hyperinflation According to Venezuelan Financial Observatory (OVF), inflation in Venezuela has reached 229% By May 2025. In this context, cryptocurrencies offer protection against the depreciation of Bolivar. They are also used for international money transfers with much lower commissions than traditional services such as Western Union.
Despite US sanctions that complicate access to platforms such as Binance, Venezuelan continues to use cryptocurrencies massively. The government, for its part, tried to launch its own digital currency Petro In 2018.
Indeed, the ambivalence of the government is also a key point. Although the government tried to limit the use of certain foreign currencies, he experimented with Petro, national cryptocurrency. But the project failed through corruption, which reinforced the idea that decentralized cryptocurrencies are the best solution for Venezuelan.
Cryptocurrencies play a crucial role in the Venezuelan economy, providing a rescue circle in front of the face of uncontrolled inflation and a sharp fall in the national currency. While the government is trying to stabilize Bolivar, citizens take their own hands using bitcoin and steiblcoins to protect their finances.
Source: Journalducoin.com
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