Hyperinflation is rampant in Venezuela as bitcoin trading volume keeps hitting new records each week. Meanwhile, authorities are scratching their heads on how to rein in the burgeoning, albeit underground industry, including attempts to crackdown on the importation of cryptocurrency mining equipment.
Sad article about how the Venezuelan government is destroying the local currency and peoples lives. Bitcoin to the rescue though, like someone on Reddit said if you bought Bitcoin at the all-time high of $20,000 you'd still be better off than if you'd held bolivars. I think Bitcoin is making lifelong friends down there, people that will always hold some in the future, which is great.
Read the full story here...
http://bitcoinist.com/venezuela-record-bitcoin-buying-spree-continues-amid-hyperinflation/