Tag: black market

Venezuelans Switching to Use of Bitcoins for Payments, Necessity Purchases

The use of bitcoins instead of Venezuelan national currency, the bolivar, for work and trade purposes is growing due to economic problems and the soaring inflation rate, media reported on Friday.

The number of users has increased from 450 in August 2014 to more than 85,000 in November this year, according to the brokerage website Surbitcoin.com.

“Bitcoin is mainstream neither in Venezuela nor in the world but there is a growing interest in the technology… With Cryptobuyer, we convert bitcoins into bolivars and help Venezuelans pay for daily life necessities, such as mobile phones recharges, television, water and electricity bills as well as banks transfers in bolivars,” Jorge Farias, the CEO of cryptobuyer.io exchange platform, said, as cited by the Guardian.