It would appear, my dear readers, that the citizens of Venezuela find themselves in a rather peculiar predicament. Their currency, the Bolívar, has suffered a decline of such magnitude-more than seventy per cent since October, one hears!-that one is almost led to believe it has simply vanished into thin air. Consequently, they are turning, with a desperation one might typically associate with a lady without a suitable match, to these… ‘cryptocurrencies’. A most modern folly, one might think, but necessity, as they say, knows no etiquette.
From the humblest shopkeeper to the most established mercantile establishment, one discovers these ‘digital assets’ are now deemed acceptable forms of payment, utilizing platforms with names that sound suspiciously like conjuring spells-Binance and Airtm, to name but two. Some employers, astonishingly, even settle wages using these… ‘stablecoins’! And universities, it is reported, are dedicating scholarly attention to their study! One wonders if the students are learning to predict their volatility, a skill, I suspect, more valuable than Latin these days. 😂
Mr. Victor Sousa, a shopper of evident prudence, informed the Financial Times that he procured certain telephone accessories with this ‘USDt’ (a most barbaric abbreviation, one feels). He further confided a desire to safeguard his savings in such a manner. A sensible ambition, perhaps, given the circumstances, though one cannot help but feel a tremor of apprehension regarding the safety of funds existing solely in the ether.
Indeed, Venezuela now ranks thirteenth globally in ‘crypto adoption,’ a statistic which, whilst impressive, hardly suggests a triumph of sound financial planning. A one hundred and ten per cent increase in usage in a single year? One almost suspects a nation in the throes of amiable desperation.
The Bolívar’s Demise and Crypto’s Rise
The persistent decline of the Bolívar-a currency now resembling less a medium of exchange and more a fleeting fancy-has, naturally, fuelled this demand. With inflation soaring to a scandalous two hundred and twenty-nine per cent in May (as reported by the Venezuelan Finance Observatory), it is hardly surprising that citizens are seeking refuge elsewhere. Mr. Aarón Olmos, a gentleman of economic understanding, observes that Venezuelans resort to cryptocurrency out of sheer necessity, contending with inflation, insufficient wages, and a dearth of reliable banking establishments.
However, access to this new economic haven is not without its difficulties. American sanctions, a lamentable complication, restrict services through Binance for those individuals unfortunately connected to sanctioned institutions. Connectivity issues, too, present a barrier. Nevertheless, experts maintain that the system, despite these obstacles, exhibits a certain… resilience. One imagines it clinging on with commendable tenacity.
The government’s position on these digital marvels remains, shall we say, ambiguous. They launched their own creation, the ‘petro,’ in 2018, only to witness its utter collapse the previous year. The principal regulatory authority was, rather unpleasantly, shuttered in 2023 amidst allegations of corruption – involving oil, no less! 😮 Such impropriety is, of course, most unwelcome.
One understands that ‘CryptoMoon’ endeavoured to obtain a statement from Binance, but, alas, received no response. A silence that speaks volumes, one might suggest.
Remittances and Rising Tensions
As ‘CryptoMoon’ further reports, remittances in cryptocurrency have become a vital support to Venezuelan families amidst this economic turbulence. In 2023, these digital transactions accounted for nine per cent of the $5.4 billion sent home-a considerable sum of $461 million.
Families are turning from traditional conduits like Western Union, weighed down by excessive fees and frustrating delays. A practical, if somewhat melancholy, development.
And as if financial instability were not sufficient cause for concern, one learns of rising military tensions between the United States and Venezuela. Naval vessels and drones are being deployed, one hears, and the Trump administration has offered a substantial reward-fifty million dollars, no less!-for the apprehension of President Maduro. A situation, one fears, ripe for further complications. It seems, dear readers, that drama is never far from this corner of the world. 🙄
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2025-08-27 11:14