According to social media reports such as Twitter and Reddit, banks are slowly closing down in the South American state of Venezuela. They do not manage the outflow of capital associated with the new disease COVID-19.
Instead, people are turning to cryptocurrencies and especially Bitcoin. It has a long tradition in the country, because it has many times become a roof over the gigantic inflation that rages in the country.
South America is particularly vulnerable to the economic crisis. For the past few years, people have been writing on the Reddit social platform what Venezuela has been experiencing. The banking system in the country, which is almost entirely on oil, is no longer slowly managing the onslaught.
The first to come to a series are stone branches of individual banks. They quickly become abandoned reminders of their former glory. Mythos Capital founder Ryan Sean Adams has written on the social network that the banking system is collapsing and leaving 32 million people down.
Conflicting reports! But Venezuelans on the ground are reporting that only only physical branch operations are halted— Ryan Sean Adams – rsa.eth (@RyanSAdams) March 20, 2020
Digital banking is still working
It seems the cointelegraph and Decrypt sources were nnot accurate
I plan to remove the tweet below shortly https://t.co/3CetR6x7Lg
From our European perspective, it may seem that it is nothing. However, keep in mind that an internet connection in Venezuela costs roughly the average salary. It’s not easy to have your account at hand.