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"Dr. Bitcoin Venezuela" Wages 'Economic War' Against Maduro's Currency Control


"I'm teaching people to use bitcoin to bypass the exchange controls," said 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 crypto-currency.

Even small dollar transactions are out of the question for most Venezuelans since capital controls mean acquiring hard currency now means either requesting it from the state, which struggles to satisfy demand, or tapping a shadowy black market.

While bitcoin prices have fallen this year, Venezuela's own Bolivar has also plunged against the US dollar (and a black market dollar costs 16 times more than the government rate) and so two Venezuelan-born brothers are launching 'SurBitcoin' exchange this week to match local buyers and sellers, explaining "In Venezuela, we have a gold fever: a bitcoin fever!"

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