30 Nov '16, 11pm

How Bitcoin Is Undermining Socialism in Latin America

In the U.S., bitcoin is used mainly by libertarians and tech geeks, but, as Souza explains, it's catching on in Latin America solely for practical reasons. Venezuelans are using bitcoins to buy food and medicine from abroad, routing around the government capital controls that make it virtually impossible to spend government-issued bolivars outside the country. In Brazil, bitcoin users are escaping tariffs that can run as high as 60 percent.

Full article: http://reason.com/blog/2016/11/30/rodrigo-souza-bitcoin-v...

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