Venezuelans turn to bitcoins to bypass socialist currency controls

By October 8, 2014Bitcoin Business

CARACAS (Reuters) – Tech-savvy Venezuelans looking to bypass dysfunctional economic controls are turning to the bitcoin virtual currency to obtain dollars, make Internet purchases — and launch a little subversion.

Two New York-based Venezuelan brothers hope this week to start trading on the first bitcoin exchange in the socialist-run country, which already has at least several hundred bitcoin enthusiasts.

Due to currency controls introduced by late president Hugo Chavez a decade ago, acquiring hard currency now […]

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