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Venezuela's Crypto Adoption Surges Amid Inflation Surge And Currency Collapse
Authored by Amin Haqshanas via CoinTelegraph.com,
Cryptocurrencies are becoming a core part of the economy in Venezuela as citizens turn to digital assets to shield themselves from a collapsing currency and tighter government controls.
From small family stores to large retail chains, shops across the country now accept crypto through platforms such as Binance and Airtm. Some businesses even use stablecoins to pay employees, while universities have begun offering courses dedicated to digital assets.
“There's lots of places accepting it now,” shopper Victor Sousa, who paid for phone accessories with USDt, told the Financial Times. “The plan is to one day have my savings in crypto.”
Venezuela ranked 13th globally for crypto adoption, according to the Chainalysis 2024 Crypto Adoption Index report, which noted a 110% increase in usage in the year.
Venezuela ranked 13th globally for crypto adoption. Source: Ch...
President Nicolas Maduro's crackdown on an obscure social media account that Venezuelans relied on to navigate the country's twisted currency market is sowing confusion among traders and residents alike....
Venezuelans are snapping up dollars, sending the local currency crashing to record lows as concern mounts that the Trump administration is throttling the country's oil industry and tipping the economy back into crisis....
Venezuela's Bolivar closes at 50.3 units to the dollar -central bank CARACAS, Dec 13 (Reuters) - Venezuela's Bolivar currency closed down at 50.3 units to the dollar on Friday, according to data published by the South American country's central bank, down from 49.9 units on Thursday. The bank fixed the exchange rate at 36.5 units to the dollar for nine months, before lifting the policy in October....
Venezuela's Bolivar closes at 50.3 units to the dollar -central bank CARACAS, Dec 13 (Reuters) - Venezuela's Bolivar currency closed down at 50.3 units to the dollar on Friday, according to data published by the South American country's central bank, down from 49.9 units on Thursday. The bank fixed the exchange rate at 36.5 units to the dollar for nine months, before lifting the policy in October....