Oil Rich Venezuela Embraces Bitcoin as Citizens Continue Using Nation’s Worthless Money to Sew Bags, Wallets

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Years after Venezuelan citizens have been using the currency of the poor oil-rich country to sew bags and wallets, the government has finally embraced bitcoin as legal tender, just as Tanzania and other nations with worthless money are toeing the same path.

NewsmakersNG learnt that Venezuela has the 3rd highest level of #Bitcoin adoption in the world, as people  increasingly use it to mitigate economic instability.

For instance, Bolivars, the local currency, are worth almost no more than the paper they’re printed on, and used to create wallets and bags.

Watch AP report on Venezuelan currency being used as craft three years ago:

Tanzania has also become one of the latest countries to embrace digital assets. The President at the weekend instructed financial authorities to prepare for widespread use of cryptocurrencies, elevating bitcoin prices further after El Salvador became the first country to make bitcoin legal tender last week and Elon Musk outlined plans for Tesla to resume accepting bitcoin as a form of payment. 

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