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Venezuela is living hard moments due to its political and economical situation. The country has the highest inflation on earth and politicians are being imprisoned by the communist regime. People mines bitcoin and Ethereum, but the situation is becoming every single day more dangerous. The Police has strict orders not to allow cryptocurrency mining in the country.

Venezuela Tries to Escape From a Tyrannous Government

Bitcoin is giving hope to Venezuelans amid a terrible political, social and economic situation. Inflation rates spiked this year to values never seen before in the country. Many of its citizens are dying of hunger and escaping to countries like Argentina, Chile or Colombia.

In order to buy paper rolls, tooth paste or medicines, Venezuelans must do it in the black market. The Bolivar (Venezuela’s currency), does not allow its citizens to buy in supermarkets or shops. A few things would need a normal person to carry big amounts of banknotes, making it very difficult to transact. Furthermore, as the currency is worth less day after day, Venezuelans can’t save money.

Venezuela Bitcoin

Bitcoin has become one of the favourite means of payment of the citizenship. It is easy to transact, it’s a deflationary currency and Venezuelans can save part of their salaries. One of the main problems is that the government is chasing those who mine Bitcoin. Individuals who were mining bitcoin in a larger scale were imprisoned. At the moment, Venezuela’s population is mining other currencies that don’t require ASIC hardware but GPU or CPU power. That makes more difficult for the police to catch miners.

Venezuela’s Digital Currency: The Petro

At CoinStaker we have covered how Venezuela was ready to issue its own cryptocurrency. Nicolas Maduro announced it some weeks ago. The currency will be named the ‘Petro’ and it will be backed by the natural reserves from the country.

“Venezuela announced the creation of its own cryptocurrency. It will be called the ‘Petro’ (…). This will let us move towards new ways of international financing in order to allow the social and economic development of the country,” President Nicolás Maduro said while talking for the public TV Channel.

The intention is to not lose the control over the money, something that it’s at risk in every single country. The state has evolved losing its power on different fields, an it will not be able to have control over the flow of money. That’s the reason why several countries are taking different measures to regulate cryptocurrencies.

China has banned ICOs and cryptocurrency exchanges. South Korea has taken strict controls over exchanges and its expected to go even further. At the same time, other countries like the United Kingdom or Singapore are regulating the activities around cryptocurrencies and Bitcoin

Image Courtesy of Pixabay


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