Hyperinflation of National Currency Can Be Advantageous – Venezuela

Venezuela is turning into a cryptocurrency, in particular into bitcoin country. So much, that LocalBitcoins, a decentralized bitcoin exchange, is announcing a fourfold because of this. This means, that digital currency has increased in popularity in the country and abroad enormously.
According to the report provided by the company, the trading volume of bitcoin in Venezuela increased to 40 bln of bolivars, while before the boom it was just 9 mln of bolivars.
This increase though was possible thanks to the absence of regulation that could control the cryptocurrency transfers. One more reason for such boom is the hyperinflation of national currency and practically the collapse of banking system.
As report shows, many students and young people with education turned to bitcoin mining, as only like this they can generate decent income and provide support to their families, while national currency isn’t able to provide even the most basic security.
The government isn’t happy though at all with the miners` activities, to such extend, that they have started arresting bitcoin miners. For now, four young people are arrested for cryptocurrency mining.
The police report says, that young people were running about 300 bitcoin mining computers and selling them in Cucuta, a town where currency exchange is out of control of the government. Though, despite the strict measures, the volumes of bitcoin and other most popular cryptocurrency mining isn’t decreasing.

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