The “we accept crypto” signs once so prevalent in Venezuelan stores, hotels and restaurants have disappeared after another round of scandals involving corruption and imprisonment of key government officials. But that doesn’t mean that cryptocurrency isn’t flourishing in Venezuela — to the contrary. Despite U.S. sanctions, strict oversight by the government apparatus and the ups and downs of inflation, a cryptocurrency exchange network is gaining in popularity among Venezuelans seeking easier ways to make transactions, receive remittances and take refuge from the devaluation of the bolivar.
Vanesa is from Caracas, and like millions of other Venezuelans, she offers her professional services to foreign companies to help them deal with her country’s expensive, dollar-centric economy. She says that this year, the differential between the official dollar (which is fixed by the monetary authority) and its market price has been…
