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Thursday

13 May 2021

Venezuelan Minimum Wage Reaches $3 as More Venezuelans Take Refuge in Cryptocurrencies – Emerging Markets Bitcoin News

Venezuelan Minimum Wage Reaches $3 as More Venezuelans Take Refuge in Cryptocurrencies – Emerging Markets Bitcoin News


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The president of Venezuela, Nicolas Maduro, approved a minimum wage raise increase last week that took it to three dollars monthly, a very low income for the citizens of the country that are facing a strong economic crisis since 2013.

However, the crypto environment has been growing, and now Venezuelans are flocking to exchanges like Binance and Localbitcoins, platforms that are now serving thousands of Venezuelan users monthly with their peer-to-peer offerings destined to preserve the value of their money.

However, Venezuelans have flocked to working outside the country through electronic means, using cryptocurrencies as payment methods and also as a store of value to refuge from inflation, that according to CNBC, reached 10,000,000% from 2018 to 2019, topping the 2020 misery index.

As a consequence of all the bleak economic panorama the country is facing, Venezuelans have had to take different paths to preserve the buying power of their money, flocking to crypto-related work and exchange organizations to do so.

Venezuelans are also going big in solutions that let them exchange their money from cryptocurrencies to the national fiat currency, the bolivar.

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