Written by William Subergstaff writerReviewed by Igor Belkinformer editorIn Bitcoin Testbed Venezuela, 1 Bolivar Now Equals 1 Satoshi
Latest NewsPublishedSep 28, 2017
Venezuela’s Bolivar (VEF) is now worth just one satoshi as hyperinflation takes an ever deeper hold in the struggling country.
Venezuela’s Bolivar (VEF) is now worth just one satoshi as hyperinflation takes an ever deeper hold in the struggling country.
The latest ‘exchange rate’ stems from listings for p2p trading platform LocalBitcoins Thursday, uploaded to Reddit by eagle-eyed community members.
The price per Bitcoin in VEF, which uses unofficial exchange rates a fraction of the government-sanctioned $0.10 per VEF, is currently around 104 mln.
2000%+ inflation
At Thursday’s BTC price of $4,250, this makes one satoshi equal to one VEF at the unofficial rate - both are worth around $0.00004.
Venezuela’s population has had to deal with increasingly uncontrollable hyperinflation in 2017, with current levels circling 2,000 percent.
As the government burns through the last of its foreign currency reserves, the economy is becoming so unstable that alternatives to VEF are being sought at any cost.
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