Latin America

The good, the bad, and the ugly of Venezuela’s cryptocurrency boom

Security experts warn that there may be more to Venezuela's thriving crypto scene than meets the eye

cryptocurrency boom
Venezuela’s Central Bank. Photo: TS/Shutterstock

To say that Venezuela has lost control of its economy would be a gross understatement. The inflation rate is currently running in the thousands — after reportedly topping 1 million percent in 2018 — and the country is facing the bizarre scenario of simply running out of cash. The Venezuelan Bolivar is all but worthless and official statistics show that banknotes and coins now make up just 2 percent of the country’s entire money supply. Residents are forced to turn to bank transfers, credit cards or U.S. Dollars for the simplest of payments, such as filling parking meters...

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