The social and political unrest is only increasing and amidst this situation, Venezuela adapts crypto for daily transactions.
The Cato Institute’s Troubled Currencies Project’s Director and Senior Fellow Steve Hanke highlighted the worthless of Bolivar of Venezuela in a video.
— Prof. Steve Hanke (@steve_hanke) August 22, 2019
Hanke has held various government positions as a senior economist and special advisor in the United States, Asia, Europe South America, and the Middle East.
Hanke believes that places where the inadequate monetary policies and political agendas have triggered civil unrest, the crime rate is increased and poverty is widespread; cryptocurrency can support in stabilizing such failing economies.
Venezuela adapts crypto
According to Hanke, Venezuela is leading the list of highest inflation rates. With a rate and by his measure of nineteen thousand five hundred and sixty-four percent per Anum, Venezuela is the only country in the whole world that is hyperinflating.
Hanke became a part of the board of a peer-to-peer digital currency exchange AirTM, which is working towards solving the hyperinflation crisis of the country. In November 2018 AirDrop Venezuela was launched by the exchange AirTM.
This was a fundraising campaign that integrated its for-profit corporation with the humanitarian charity that is non-profit and is designed for distributing the digital currency donations for the needy hundred thousand Venezuelans.
Meanwhile, as the economic situation of the country is worsening; people are facing a lack of basic necessities. AirTM postponed the disbursement of three hundred and twenty-one thousand dollars ($321,000) that was raised till now.
Reportedly, AirTM is rebuilding the platforms in order to accommodate the influx of millions of users and not just a few thousand users.