November 15, 2021
Economy

As Venezuela’s economy regresses, crypto fills the gaps

The new Venezuelan cryptocurrency “Petro” logo is seen at a facility of the Youth and Sports Ministry in Caracas, Venezuela February 23, 2018. REUTERS/Marco Bello/Files

CARACAS, June 22 (Reuters) – Venezuelan food delivery driver Pablo Toro has no stake in cryptocurrency or blockchain, but indirectly uses digital tokens every time he sends money to his family.

Toro, who emigrated to Colombia in 2019, uses an app called Valiu to receive Colombian pesos from working on Bogota’sstreets and deposit the corresponding bolivars into a Venezuelan bank account.

In Venezuela’s economy, mired by hyperinflation and hemmed in by sanctions, the operation is not so straightforward.

Valiu uses pesos to buy cryptocurrency that it then sells on LocalBitcoins, a global peer-to-peer site for trading tokens in local currencies.

For Toro, the platform is more reliable than informal money changers, the main…

Read full article here: www.reuters.com