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 or buying drinks from vending machines.
Among the major bottlenecks is the country’s public transport system, which only accepts paper money for fares. Banks are filled with citizens seeking to withdraw their full daily allowances just to be able to commute to and from work.
Amid this extreme cash shortage, Venezuela has become fertile ground for digital payments and cryptocurrencies, despite the fact...
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