Venezuela is dollarizing: About 64% of transactions in the country take place in U.S. dollars now. The majority of these are cash transactions, as local banks don’t offer dollar checking or savings accounts for the masses. As a result, Venezuelans have to handle two kinds of suboptimal money: digital bolivars that quickly lose their value, and physical dollars that are dangerous to store in one of the world’s most crime-ridden countries. In theory, crypto-dollars should fill this space, and d...
Alejandro Machado
How to build more just financial systems, and other things I care about
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