A volatile currency with direct transaction fees ranging from $0.05-60 [edited per FreeRadical - thanks!] and indirect transaction fees of roughly $90 (socialized block reward). Whose value dropped 50% in a month then went up 50% in a month (which of course still leaves it 25% below its near-term highs). I don't think even the Cuban Peso performs like that. Think about both of those in terms of the average salary of a Cuban national. How about the minimum wage? $0.44 per hour.
[edit, and while I'm in here] And why did it drop 50% in a month? Because the worlds 25th largest automaker decided it was a bad medium of exchange for buying electric cars.
Perhaps unsurprisingly in Venezuela, they decided to go the other way, dollarizing. They moved 66% of all transactions to the USD, forcing the Maduro government's hand, and leading to their major banks offering USD deposit accounts. [1]
If anything they need USDC not BTC. This is just gambling in a regulatory and legal void. The Mad Max of finance.
[edit, and while I'm in here] And why did it drop 50% in a month? Because the worlds 25th largest automaker decided it was a bad medium of exchange for buying electric cars.
Perhaps unsurprisingly in Venezuela, they decided to go the other way, dollarizing. They moved 66% of all transactions to the USD, forcing the Maduro government's hand, and leading to their major banks offering USD deposit accounts. [1]
If anything they need USDC not BTC. This is just gambling in a regulatory and legal void. The Mad Max of finance.
[1] https://www.bloomberg.com/news/articles/2021-01-13/venezuela...