{"id":20576,"date":"2019-03-19T10:03:11","date_gmt":"2019-03-19T02:03:11","guid":{"rendered":"https:\/\/www2019.dash.org\/?p=20576"},"modified":"2021-09-18T11:44:01","modified_gmt":"2021-09-18T11:44:01","slug":"why-are-venezuelans-seeking-refuge-in-crypto-currencies-dash-mentioned-on-bbc-thats-a-first","status":"publish","type":"post","link":"https:\/\/www.dash.org\/news\/why-are-venezuelans-seeking-refuge-in-crypto-currencies-dash-mentioned-on-bbc-thats-a-first\/","title":{"rendered":"Why are Venezuelans seeking refuge in crypto-currencies?  (Dash mentioned on BBC, that\u2019s a first)"},"content":{"rendered":"<p class=\"story-body__introduction\">Crypto-currencies have faced a lot of criticism since Bitcoin first came on the scene 10 years ago. But for one group of people, they&#8217;re proving very useful.<\/p>\n<p>Venezuela has seen its currency rendered practically valueless after suffering one of the worst periods of hyperinflation since World War Two.<\/p>\n<p>A cup of coffee now costs 2,800 bolivars (21p; 28 cents), up from 0.75 bolivars 12 months ago &#8211; an increase of 373,233%, according to Bloomberg data. And that&#8217;s after a 2018 devaluation that knocked five zeros off the currency.<\/p>\n<p>More than three million Venezuelans have left the country, as essential goods such as toilet paper and medicine have become unaffordable and crime has soared.<\/p>\n<p>As a result, many are turning to digital assets such as Bitcoin as an alternative to the Venezuelan bolivar.<\/p>\n<p>And given how volatile Bitcoin is &#8211; its value has plunged from nearly \u00a315,000 in 2017 to less than \u00a33,000 now &#8211; it&#8217;s an indication of just how desperate people have become.<\/p>\n<p>Even the government has\u00a0<a class=\"story-body__link\" href=\"https:\/\/www.bbc.co.uk\/news\/business-43133853\">launched its own crypto-currency, the Petro,<\/a>supposedly backed by oil, to provide a solution to the economic crisis.<\/p>\n<p>But critics say it is a sham and there is no evidence of anyone using it.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a class=\"story-body__link\" href=\"https:\/\/www.bbc.com\/news\/uk-45652921\">Gold, rabbits and crypto: Venezuela&#8217;s strange economic plans<\/a><\/li>\n<\/ul>\n<p>Eli Meregote, 28, has been using&#8230;&#8230;. <strong>Please read Full Article at:<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Crypto-currencies have faced a lot of criticism since Bitcoin first came on the scene 10 years ago. But for one group of people, they&#8217;re proving very useful. Venezuela has seen its currency rendered practically valueless after suffering one of the worst periods of hyperinflation since World War Two. A cup of coffee now costs 2,800&#8230;","protected":false},"author":5,"featured_media":20577,"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>Why are Venezuelans seeking refuge in crypto-currencies? 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A cup of coffee now costs 2,800...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dash.org\/news\/why-are-venezuelans-seeking-refuge-in-crypto-currencies-dash-mentioned-on-bbc-thats-a-first\/\" \/>\n<meta property=\"og:site_name\" content=\"Dash\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DashPay\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/DashPay\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-19T02:03:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-18T11:44:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/media.dash.org\/wp-content\/uploads\/Screen-Shot-2019-03-19-at-10.00.56-AM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"641\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"tungfa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Dashpay\" \/>\n<meta name=\"twitter:site\" content=\"@dashpay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"tungfa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.dash.org\/news\/why-are-venezuelans-seeking-refuge-in-crypto-currencies-dash-mentioned-on-bbc-thats-a-first\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.dash.org\/news\/why-are-venezuelans-seeking-refuge-in-crypto-currencies-dash-mentioned-on-bbc-thats-a-first\/\"},\"author\":{\"name\":\"tungfa\",\"@id\":\"https:\/\/www.dash.org\/#\/schema\/person\/220582bbf3006c2a9924ed46921386b5\"},\"headline\":\"Why are Venezuelans seeking refuge in crypto-currencies? 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