{"id":13433,"date":"2018-09-04T00:00:00","date_gmt":"2018-09-03T16:00:00","guid":{"rendered":"https:\/\/www2019.dash.org\/2018\/09\/04\/how-venezuela-came-to-be-one-of-the-biggest-markets-for-crypto-in-the-world\/"},"modified":"2021-09-18T11:36:43","modified_gmt":"2021-09-18T11:36:43","slug":"vene","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/vene\/","title":{"rendered":"How Venezuela Came to Be One of the Biggest Markets for Crypto in the World"},"content":{"rendered":"<p>Venezuela has been living with hyperinflation since at least 2014. Its national currency \u2014 the Venezuelan bol\u00edvar \u2014 hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bol\u00edvar (VEF) was depreciating rapidly in value, and ordinary Venezuelans needed something to fill the void it had left as a one-time viable means of exchange.<br \/>\nBy definition, hyperinflation is a state in which, as described by the International Accounting Standards Board, \u201cthe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency.\u201d However, due to capital controls that had been in place since 2003, Venezuelans were restricted in their ability to obtain U.S. dollars or any other foreign currency. They had no freely accessible outlet for their \u2026\u2026\u2026..&gt;<\/p>\n<p>Read Full Article:<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Venezuela has been living with hyperinflation since at least 2014. Its national currency \u2014 the Venezuelan bol\u00edvar \u2014 hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bol\u00edvar (VEF) was depreciating rapidly in value, and ordinary Venezuelans needed something to fill the void it had left as a one-time viable means of exchange.<br \/>\r\nBy definition, hyperinflation is a state in which, as described by the International Accounting Standards Board, \u201cthe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency.\u201d However, due to capital controls that had been in place since 2003, Venezuelans were restricted in their ability to obtain U.S. dollars or any other foreign currency. They had no freely accessible outlet for their \u2026\u2026\u2026..><\/p>\r\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[216],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Venezuela Came to Be One of the Biggest Markets for Crypto in the World - Dash<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dash.org\/news\/vene\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Venezuela Came to Be One of the Biggest Markets for Crypto in the World - Dash\" \/>\n<meta property=\"og:description\" content=\"Venezuela has been living with hyperinflation since at least 2014. Its national currency \u2014 the Venezuelan bol\u00edvar \u2014 hit an official inflation rate of 57.3 percent in February 2014, while independent currency analysts were reporting that, by that September, the real inflation rate had already topped 100 percent. In other words, the bol\u00edvar (VEF) was depreciating rapidly in value, and ordinary Venezuelans needed something to fill the void it had left as a one-time viable means of exchange. By definition, hyperinflation is a state in which, as described by the International Accounting Standards Board, \u201cthe general population prefers to keep its wealth in non-monetary assets or in a relatively stable foreign currency.\u201d However, due to capital controls that had been in place since 2003, Venezuelans were restricted in their ability to obtain U.S. dollars or any other foreign currency. 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