Venezuela fights flight to Bitcoin with propaganda

As Bitcoin use grows in Venezuela, against an inflation rate of 98.3%, the government is reportedly stepping up its use of anti-Bitcoin propaganda. The state is promoting the idea that Bitcoin is the currency of terrorists, drug traffickers, rapists, tax evaders, and international gangs. However,the success of the campaign in preventing the growth of Bitcoin adoption remains to be seen, as it seems the incentive to buy Bitcoin is more likely to grow given the rate of inflation.

Imagine you are part of a populist government whose far left socialist policies have led your country to such economic ruin that some ordinary citizens are now turning to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to protect their remaining wealth. You could try to restore the trust people once had in your national currency and economy or you could just decide to brand them all criminals.

Corporación Venezolana de Televisión (VTV) is a state-owned broadcaster, managed by the Venezuelan Ministry of Popular Power for Communication and Information, known for airing telenovelas and the late Hugo Chávez’s Aló Presidente. On Monday it published a story linking Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term to everything from terrorists, drug traffickers and rapists to tax evaders and international gangs.

The VTV article accuses “subversive” groups of promoting the use of Bitcoin in Venezuela, and in an accidently complimentary way gives the cryptocurrency credit for citizens’ avoidance of the draconian measures inflicted upon them. Among other things it writes: “It was recently reported that many people have begun using Bitcoin, as an alternative to evade policies on foreign exchange by the Bolivarian Government to ensure proper development of the economy.”

In February Venezuela was crowned as the world's most miserable economy for 2016 by the Bloomberg misery index for the second year in a row. Hyperinflation, petrol rationing and high unemployment are among the hardest issues faced by the Venezuelan people after the crashing price of oil pulled the rug out from under most of the government’s plans. President Nicolas Maduro declared an "economic emergency" in January, and according to the Bloomberg survey “a dinner for two at a nice restaurant might demand more than a month's worth of minimum wage.”