Currency Exchange in Venezuela

A brief overview of the cryptocurrency market in Venezuela

In Latin America, the digital currency popular (in 2015, a report was published that showed an increase of 510% in the number of cryptocurrency transactions in Latin America), and maintenance of cryptocurrency business is promising. This is mainly due to the adverse economic situation in many countries of the region.

Venezuela is a vivid example of this. In January 2016 the international monetary Fund (International Monetary Fund) published a report according to which in 2016 the rate of inflation in the state will exceed 700%. In 2017, according to IMF estimates, the inflation rate should be 1,600%.98 however, with rising inflation in Venezuela has increased and the number of transactions in Bitcoin: in the first week of August, the amount of bitcoin transactions through the platform LocalBitcoins reached a record $14.2 million the Number of Bitcoin users in 2015 doubled compared to 2014. At the same time, Bitcoin in Venezuela is treated as property, not currency.

A brief overview of the cryptocurrency market in Venezuela