Venezuela’s dependence on cryptocurrency
By Edward Nash As the South American nation, Venezuela is struggling with economic and political issues; the country’s payment system also has gone down. Venezuela has been experiencing issues related to inflation since World War Two. Reportedly the prices have increased by almost 373,233% in Venezuela. The devaluation of its currency added to the woes of the Venezuelan economy. Due to this economic crisis and political instability, the deteriorating standard of living has forced millions of Venezuelans to move to other countries permanently. The prices of basic necessities have also increased leading to high crime rate and corruption. The value of its official currency, Venezuelan bolivar has been declining for the last few years, and the devaluation has forced most of the Venezuelans to depend on the cryptocurrencies. Bitcoin is at the forefront in Venezuela, but the instability of the pricing of Bitcoin is also affecting the country’s fiscal status. It should b...