October 17, 2022

Countries with the highest inflation rates

Cases such as Cuba, Venezuela, Ukraine, Zimbabwe, Lebanon, among others, top the lists of countries with the highest inflation rates worldwide (see Steve Hanke's list), economic analyst). In these places the citizens themselves use alternatives to the official market rates and international companies and banks, the informal market or free market is growing, which not only operates with fiat money but also incorporates Bitcoin and other cryptocurrencies as a store of value. However, the methods used to make person-to-person (P2P) exchanges lack the technological infrastructure to make the process fast and more importantly: free of scams.

Facebook, Telegram and Whatsapp communities, while offering a connection point between exiles sending remittances to their home countries and the agents who receive them and send the money in local currency to the beneficiaries. They also provide space for fraudsters who take advantage of these people's need.