Venezuelans turn to bitcoins to bypass socialist currency controls

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.

Gerardo Mogollon, a business professor who styles himself as ‘Dr. Bitcoin Venezuela,’ speaks at conferences and appears in online videos to urge Venezuelans to adopt the currency.

“I’m teaching people to use bitcoin to bypass the exchange controls,” said Mogollon, a 42-year-old professor at the University of Tachira’s graduate business school.

This will not be difficult for the ex-Bus Driver to overcome; just shut off the internet.  Easy-peasy.

via Venezuelans turn to bitcoins to bypass socialist currency controls | Reuters.

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