Political Turmoil Sees Venezuelans Store Wealth in Crypto
The Bolivarian Republic of Venezuela, one of the most oil-rich countries in South America and the world at large, is still experiencing political instabilities and this has led its economy to stagnate. The traditional (fiat) currency bolivar has lost value due to the hyperinflation that hit the country, this has forced its citizens to massively store their wealth in crypto currencies such as petro, Bitcoin, Ethereum, Ripple and others.
Cryptocurrency Payments in Venezuela Subject to 15% Commission
The authority responsible for the regulation of the blockchain and cryptocurrency industry, known as the National Superintendence of Cryptos Related Activities of Venezuela, SUNACRIP, recently released regulations dealing with the sending and receiving of remittances in digital currency friendly nations within the South American continent. The authoritative instrument was publicly published in the Official Gazette 41,581 on Feb 7 this year, DiarioBitcoin reports.
Venezuelan Cryptocurrency Petro Banned by Trump Executive Order
On Monday, March 20, the White House released a new cryptocurrency trading ban, signed by the President of the United States, Donald Trump, on the Venezuelan state-issued digital currency, the Petro. The document includes a list of sanctions against Venezuela that are presently active.
Venezuelan Dealer Trading Mercedes-Benz Cars Worldwide For Bitcoin
Retailers in countries experiencing currency devaluation and cash scarcity are forced to conquer the markets of other countries, using Bitcoin for selling local goods that are ready for shipping worldwide. A reseller of Mercedes-Benz from Venezuela began this practice too and tells his story to CoinIdol.com News Outlet.