USD Is Still the Reigning Currency in Venezuela
Since mid-2020, there were several rumors and reports surrounding Venezuela’s fondness for cryptocurrencies. According to the reports, the government, army, and the public in Venezuela are all support Bitcoin (BTC) and other cryptocurrencies.
There were many headlines suggesting that Venezuela now fully supports and has adopted Bitcoin (BTC) entirely. Analysts have even suggested that cryptocurrencies are now the top currency in Venezuela.
Despite all the rumors and claims made by the analysts, it turns out that the Venezuelan population still doesn’t agree with the rest of the world. One of the local reporting firms has confirmed despite all the progress, the USD is still the top currency in Venezuela. No matter how much progress Bitcoin (BTC) makes in the Venezuelan sectors, it is still not able to surpass the United States dollar (USD).
In the past couple of years, Venezuela has become a country that is solely dependent on the usage of cryptocurrencies. The country has been using Bitcoin (BTC) in order to make payments to international companies for their work and services in the country.
It was also reported that the Venezuelan military had also set up a couple of mining farms for Bitcoin (BTC) at difficult locations. The Venezuelan had reportedly taken the step in order to afford the expenses of the army and its operations.
In Venezuela, the crypto-pay trend is on the rise and the entire country is involved in adopting different ways to proceed with crypto-pays.
The local reporting channels have confirmed that cryptocurrencies have been widely adopted by the citizens of Venezuela. They are using cryptocurrencies to pay at supermarkets, gas stations, and even subways. The majority of the cryptocurrencies that are currently being used in the country include the dash (DASH), Ethereum (ETH), and Bitcoin (BTC).
The citizens can acquire the traveling cards for buses and subways and top them up using the mentioned cryptocurrencies and some other digital currencies as well.
In addition to the above, the Venezuelan government has also announced that it is currently working to create and launch its own digital currency. The government officials have revealed that once launched, the digital currency will be called Petro (PTR). It is being rumored that the Venezuelan government will most likely be able to launch it by the end of this year.
However, there are reports that amid the hyperinflation in the price of fiat bolivar, the majority of the citizens of Venezuela are going towards the USD instead of Bitcoin (BTC) or other currencies.
The reports reveal that majority of the vendors are posting/displaying the prices of the goods/items in USD instead of bolivar or other cryptocurrencies.
It has been reported that at present, there is a shortage of low denomination bills of USD in Venezuela. The majority of the locals in the country are willing to give $10 bills away for eight $1 bills in order to get their hands on the one-dollar bills.