Venezuela becoming a cashless society
Video from cnbc.com
"Bitcoin only
In order to pay for lunch, locals are beginning to accept only Bitcoin or money wires of foreign currencies. The problem, according to Osorio, is that unlike Zimbabwe and other nations where hyperinflation has taken its toll, Venezuela does not have access to enough dollars to manage the economy.
Locals have, therefore, turned completely to Bitcoin in order to function economically. Since Bitcoin is independent of the black market for Bolivars, it represents a fixed exchange platform for business. Near the end of the segment, Osorio says:
“We may well be witnessing the first ‘Bitcoinization’ of a sovereign state.”"
If it is really happens, Venezuela will become the leader country of the world!
I like the word "Bitcoinization"😍, i am sure we will hear it more on the news in the forthcoming future!
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Same thing happening in Zimbabwe :
"The use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept.
In all the chaos, the price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible."
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