Venezuelans Use Cryptocurrency to Deal with Inflation

Valiu [a cryptocurrency app] uses pesos to buy cryptocurrency that it then sells on LocalBitcoins, a global peer-to-peer site for trading tokens in local currencies.

“When the power is out in Venezuela, when internet service is down,… [a cryptocurrency app]… has a huge impact on how long it takes to send a remittance to one’s family,” said Toro, who quit working as a university security guard because his monthly salary could not even pay for a day’s groceries.

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