Venezuela’s economic turmoil makes the government reconsider the view on cryptocurrency

Venezuela has entered such a devastating phase of economic downfall that its government might be considering to turn to cryptocurrency market to replace bolivar, tells the media. According to the report, Onixcoin company plans to help the country’s central bank with the technological side of the project.

Before that, there were many reports on Venezuelan miners who are at least able to feed their families thanks to Bitcoin they mine. Another aspect of mining in this country is that the government, seeing how people are no longer able to pay for electricity, compensates the costs itself. But mining in Venezuela is risky, as the law enforcement of the country actively confiscates mining apparatus.

The reason for current economic downfall in Venezuela is the wide mismanagement of the economic system by the government in accordance with Socialist postulates about “fair prices” and “bad capitalists”. This even led to a tragicomic situation when Venezuelan businessmen value foreign trading cards with Internet memes, as they are traded for Bitcoin.