20 Aug Bitcoin Believers Speak Out In Venezuela As Maduro Makes Historical Devaluation
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A Venezuelan man shows Venezuelan bolivar bills as she sells products in Norte de Santander Department, Colombia, on the border with San Antonio del Tachira, Venezuela, from where hundreds are crossing through the Simon Bolivar international bridge on August 19, 2018. (Photo credit: Schneyder Mendoza/AFP/Getty Images)
The bitcoin and cryptocurrency world has been closely watching Venezuela over recent years as the socialist country grapples with an economic crisis that has plunged people’s lives into chaos.
Now Venezuelan President Nicolas Maduro has broken new ground in his efforts to stabilize the country’s economy: lopping five zeros off the bolivar, introducing new bills, a name change and linking the new bolivar’s value to the national oil-linked petro cryptocurrency.
The official rate for the currency will go from around 285,000 per dollar to 6 million while the minimum wage will be raised some 3,500% in an effort to offset the devaluation…
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