Venezuelan Bolivar (VEF)
The Venezuelan Bolivar is the official currency of Venezuela. It was introduced in 1879, replacing the short-lived Venezuelan Venezolano. The bolívar has been subject to periods of hyperinflation since its introduction and as a result, it has lost over 99% of its original value against the US dollar. The current version of the currency was introduced on 20 August 2018 by President Nicolás Maduro with five zeroes removed from denominations and an exchange rate set at 100,000 BsS for $1 USD. This new bolívar is abbreviated BsS or simply VEF when referring to electronic transactions.
In response to this economic crisis, Venezuelans have increasingly turned to cryptocurrency as an alternative form of money due to its decentralised nature and relative stability compared to their own national currency which continues losing ground against other currencies including Bitcoin (BTC). Cryptocurrency exchanges such as LocalBitcoins provide citizens with access to digital assets that can be used for local remittances or international payments without relying on traditional banking systems or government control over financial institutions. Some economists believe that cryptocurrencies are becoming a more attractive option in countries suffering from high inflation rates like Venezuela because they offer protection against devaluation while providing individuals greater autonomy regarding how they manage their finances.
