Well, inflation is rising day by day around the globe but it impacts some nations more severely. Few days back, I have posted an article about Zimbabwe fighting against hyper inflation. The condition is worse these days , in fact Zimbabwe has closed it's own currency printing unit and since 2015, it is relying on US dollar for all inter-country transactions.
But now, the inflation's steering has turned towards Venezuela.
Venezuela is country located on northern coast of South America. It is famous for it's diverse natural attractions and tropical resorts island situated beside the coastlines.
Venezuela has an annual GDP of $404 Billion. Venezuelan Bolivar (VEF) is the official currency of Venezuela.
For a few years, Venezuela is facing Inflation which was becoming worse day by day and now it reached to a severe 2000+%.
General Population of Venezuela is now relying on other nation's currencies as the VEF has become worthless. A person recently tweeted that VEF is even less in value than the fake gold of 'World Of Warcraft' game.
The latest ‘exchange rate’ listed by Local Bitcoins.com website in Venezuela because of nation's currency degradation, now 1 BTC is available for sale at 104 Million VEF.
That means 1 VEF = 1 Satoshi
Venezuela's people are now trying to get their hands on cryptocurrencies for day to day transactions as well as intra-country transfers.
Venezuelan government has exhausted all foreign exchange reserves and still remains in deficit.
People are forced to find alternative solution for exchange like Gold, Silver, Diamond and other precious metals. But those who don't have any reserve of precious metals are desperately trying to get their hands on cryptocurrencies.
Currently, Bitcoin is trading at $4200 in international market.
Thanks for reading ..!!
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