Most people are well aware the financial
situation in Venezuela is precarious. The country has been struggling with
money for quite some time. Just two years ago, Venezuela had US$20bn in foreign
reserves. Today, that number has almost halved. It is evident the country will
head toward financial collapse rather quickly unless something changes. All
this can spell good news for bitcoin and cryptocurrency in the region, though. When
foreign reserves dwindle, it is a clear sign that the country is running out of
money. For Venezuela, this has been coming a long time after many years of
inflation and recession. The way things stand right now, the country has
US$10.5bn in foreign reserves left. Considering Venezuela owes US$7.2bn in debt
payments, there is virtually nothing left to get through the rest of the year. More…
Thursday, March 2, 2017
Foreign Currency Reserves of Venezuela Drop To US$10.5bn
Most people are well aware the financial
situation in Venezuela is precarious. The country has been struggling with
money for quite some time. Just two years ago, Venezuela had US$20bn in foreign
reserves. Today, that number has almost halved. It is evident the country will
head toward financial collapse rather quickly unless something changes. All
this can spell good news for bitcoin and cryptocurrency in the region, though. When
foreign reserves dwindle, it is a clear sign that the country is running out of
money. For Venezuela, this has been coming a long time after many years of
inflation and recession. The way things stand right now, the country has
US$10.5bn in foreign reserves left. Considering Venezuela owes US$7.2bn in debt
payments, there is virtually nothing left to get through the rest of the year. More…
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