Published On: Tue, Jul 26th, 2016

Venezuela’s Inflation to Reach 1,600% in 2017, Spurring Demand for Bitcoin

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The weakening economy of Venezuela under the regime of President Nicolas Maduro is forecast by the International Monetary Fund to reach a consumer-price inflation rate of 480 percent by the end of this year, and peak at 1,640 percent in 2017.Venezuela’s growing financial crisis and economic collapse also pressured the government to announce a state of “economic emergency,” which immediately gave the Venezuelan government full control over the goods, assets, properties and food of private companies.The state of “economic emergency,” which was extended for another 60 days by Maduro on July 13,  basically requires every company …

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