As inflation continues to escalate, citizens of Venezuela are turning to cryptocurrency to preserve their wealth, with stablecoins being widely adopted for transactions. This response is crucial, given that the bolívar has lost over 70% of its value since the government ceased protecting it.
Despite rising cryptocurrency usage, the Venezuelan government’s fluctuating regulatory stance complicates the landscape. While some businesses embrace crypto, sanctions and connectivity issues pose challenges, limiting access to crypto services for many.
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