Steve Hanke has spent much of his career helping countries that were on the verge of economic collapse. He said that the dire economic situation in Venezuela is one that he is familiar with. Venezuela’s problem was caused by hyperinflation.
Juan Gauido is the president of Venezuela. He has declined most foreign aid from other countries. He has also turned down most suggestions that will help improve the economy in Venezuela.
Hanke has taught economics at John Hopkins University for the past 50 years. He has helped Venezuela out by delivering cryptocurrencies to them. He has partnered with AirTM to deliver the cryptocurrencies. AirTM is an online platform that connects people who buy and sell cryptocurrencies.
Jose Merino is a former student of Hanke. He has set a goal to raise $1 million for Venezuela. He has already raised $100,000. He has spoken to big donors and believes that donations could triple within the next few weeks.
Over three million people have moved out of Venezuela due to hyperinflation. Hanke has called the system a complete failure. Junior Rios Oliver is a 32-year-old man who used to work at a factory in Venezuela. He stated that it is a struggle for people to eat in Venezuela.
He moved 1,000 miles from Venezuela. He wants to find a job so that he can send money home to his family. Many people in Venezuela use AirTM to move their money around. It makes it easy for people to get access to the currency market.
Hanke not only wants Venezuelans to have access to cryptocurrency, but he also wants to teach them how to use it. Rebuilding the economy in Venezuela will be an incredibly difficult task. Experts do not know where to start. However, Hanke believes that the first step is for the government to establish credibility.
Link full article: https://www.ozy.com/rising-stars/how-to-feed-starving-venezuelans-cryptocurrency/92493
