30 Jan '16, 3pm

The Venezuelan Economy: Bitcoin To The Rescue

The Venezuelan Economy: Bitcoin To The Rescue

It is popular knowledge that the Venezuelan economy is passing through some very difficult times. With an inflation of 275% in 2015, and IMF forecast of a far worse situation in 2016 as the nation struggles to find stability in it’s economy. Can Bitcoin play any role at all? If so, how big a role can the Cryptocurrency play in the given situation? Venezuela has been in the news lately, but not for very positive reasons. The country faces severe social and economic problems, such as high inflation (the highest in the world), shortage of basic goods in the markets , high criminality and media censorship . With the nation’s currency highly devalued in the parallel market, its citizen are turning to other currencies for financial safety albeit in both the right and the wrong ways. Cointelegraph caught up with the Randy Brito , Founder of BitcoinVenezuela.com , a non-profit bit...

Full article: http://cointelegraph.com/news/venezuela-economy-bitcoin

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