CMC News

#Venezuela Crypto Adoption Surges as Bolivar Collapses Over 70%

Venezuelan businesses are rapidly adopting crypto as the bolivar currency has lost more than 70% of its value since October. From corner shops to major retailers, merchants now accept digital assets through platforms like #Binance and Airtm to shield against hyperinflation reaching 229%.

The country ranks 13th globally for crypto adoption according to Chainalysis, showing a 110% increase in usage over the past year. Many businesses have begun paying employees with stablecoins like $USDT, while universities offer dedicated digital asset courses.

Crypto remittances have become crucial for Venezuelan families, with #DigitalAssets comprising 9% of the $5.4 billion in remittances sent home in 2023. This amounts to approximately $461 million flowing through cryptocurrency channels as families bypass expensive traditional services.

Despite government inconsistencies regarding digital assets, Venezuelan citizens continue to embrace #cryptocurrency out of necessity. Economic challenges, including inflation, low wages, and foreign currency shortages, have made digital assets essential for everyday transactions and savings preservation in the struggling South American nation's #economy.