Venezuelans turn to cryptocurrency to cope with inflation, with stablecoins accounting for half of their total cryptocurrency trading volume

ChainCatcher news, according to Cryptonews, reports that Venezuelans are "turning to cryptocurrency" to cope with inflation instead of relying on the dollar, according to the latest report. Experts say that stablecoin trading currently accounts for nearly half of the total cryptocurrency trading volume in Venezuela.

Venezuelans are increasingly using Bitcoin (BTC) and other cryptocurrencies for convenient transactions, receiving remittances, and "avoiding the impact of the devaluation of the Bolívar currency." Although cryptocurrency exchanges are unregulated, the government "tolerates" their existence as they help to introduce foreign exchange.