4 ms·
our sanctions do not prevent civilians from importing food, that is a function of worthless money
by nyolfen 6y ago
our sanctions do not prevent civilians from importing food, that is a function of worthless money
- arcticbull 6y agoIs there any reason that Venezuelans couldn't be paid in USD for their exports? After all, they can trade internationally, so why not buy USD instead? [edit] And in fact it appears that Venezuela is moving in that direction. Domestic banks are already allowed to offer USD denominated accounts, and the government is making it easier to use [1]. It's not a surprise as of course, the dollar is a much better currency. In fact as the article points out it is estimated 66% of transactions in Venezuela are now conducted using the US dollar. Once that gets to 100%, will you concede that "Venezuela" wasn't ever a great talking point? After all it's clear, the people have spoken: economic activity in USD is preferred over BTC in Venezuela by an absolute landslide. Is this not a scathing indictment of BTC and crypto in general? In a failed state with hyperinflation - a flagship use case - the population was given many options, including both BTC and USD. They picked USD. [1] https://www.bloomberg.com/news/articles/2021-01-13/venezuela-plans-to-expand-use-of-foreign-currency-bank-accounts https://www.bloomberg.com/news/articles/2021-01-13/venezuela...