Free Minds & Free Markets

3 Ways Bitcoin Is Promoting Freedom in Latin America (New at Reason)

Cryptocurrency vs. tariffs, monetary controls, and red tape.

In Venezuela's capital city of Caracas, a hungry mob recently broke into a zoo to eat a horse. One cause of the food crisis is government currency controls that make it very expensive to buy goods from other countries. But Venezuelans are bypassing these restrictions using the internet-based currency bitcoin.

And there are similar phenomena in neighboring countries. Bitcoin is catching on especially fast in Latin America because it gives individuals a way around protectionism and other destructive government policies that are common in the region. Here are three ways that bitcoin is promoting economic freedom in Latin America.

For more on bitcoin in Venezuela, read "The Secret, Dangerous World of Venezuelan Bitcoin Mining" from our January 2017 issue.

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