People are struggling with hunger in Venezuela due to the huge rate of hyperinflation. The country’s economy is getting worse day by day.
This bad situation in the economy has led people to abandon the local currency and use Bitcoin. The government plans to create its own digital currency as a last resort to improve the economic situation. It remains to be seen whether this measure will be successful.
A symposium held at the beginning of the week brought together government representatives, bank officials and experts from the private sector. The idea of developing a national digital currency was discussed at the conference. One of the local Blockchain firms, Onixcoin, is collaborating with the country’s central bank on this.
No one is willing to give life to Venezuela’s dire economy amid continued hyperinflation, food shortages and social unrest. He cannot deny that he needs new ways. The central bank’s idea of digital currency is extremely important to stave off economic troubles.
Bitcoin Breaks Record Again as Cryptocurrency Volume Reaches $170 Billion