Venezuela Waging PR War on Bitcoin
Bitcoin is shaking up the Internet, but some governments may be trying to shut it down.
Venezuela is in a slow-motion economic collapse. Failed policies have pushed the nation toward bankruptcy, sparking a wave of hyperinflation. To protect their wealth, savers have turned to alternative currencies like bitcoin.
The cryptocurrency’s popularity, however, may have authorities worried. Last week, Venezolana de Television began a campaign against Bitcoin. In a piece published Wednesday, the country’s public broadcaster railed against the digital asset and payment system. (Source: “BitCoin: El sistema cibercriminal,” Venezolana de Television, March 18, 2016.)
Bitcoin, the article explains, is a tool for criminals. The digital currency is a medium of exchange for trading drugs and weapons. Anonymous transactions, the author fears, supports pornography, murder for hire, as well as the piracy of books, movies, music, and software.
“Is it coincidence that the criminal and terrorist groups in the world are the main activists and advocates of bitcoin?” the article asks, according to a Google-translated version of the piece. “This virtual currency is not backed by any institution or country and is used