sanctions disrupt Venezuela's economy, cryptocurrency is emerging as a way to provide services handled elsewhere by the traditional banking system. "(Now) I don't have to worry about whether the cell signal dropped in Venezuela, or if cell service drops here."Īs hyperinflation and U.S. "When the power is out in Venezuela, when internet service is down, it has a huge impact on how long it takes to send a remittance to one's family," said Toro, who quit working as a university security guard because his monthly salary could not even pay for a day's groceries. And he need not buy traditional money orders in person. Valiu uses pesos to buy cryptocurrency that it then sells on LocalBitcoins, a global peer-to-peer site for trading tokens in local currencies.įor Toro, the platform is more reliable than informal money changers, the main channel for Venezuelan migrants to send money home. Use of this website indicates your acceptance of this website's Privacy Policy. You can change cookie settings on your computer at any time. We have placed cookies on your computer to help improve your experience when visiting this website.
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