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In this episode of the Bitcoin Magazine Podcast, host Christian Keroles sits down with Simon Chamorro to discuss Valiu, a resource to protect Colombian pesos from inflation and to transfer money to friends and family in Venezuela, which has been badly hit by hyperinflation.
On his website, Valiu is described as a way of protecting your money from inflation using synthetic “valiu dollars”:
Top up Valiu dollars with Colombian pesos. Save your Valiu dollars or transfer them instantly and for free to your friends and family in Venezuela, ”the site said. Send money directly to other Valiu users or to a bank account in Venezuela within an hour. You can pay directly through one of our partners. “
Due to government mismanagement and other factors beyond their control, Venezuelans have seen the value of their fiat currency decline, rendering it virtually useless for day-to-day trading and wiping out all the savings most people owned. Bitcoiners point to these events as evidence of flaws inherent in the old financial system that would be remedied by a deflationary form of solid money without third parties, such as bitcoin. As such, Valiu and Bitcoin are both tools that enable wealth protection for citizens of countries like Venezuela, offering alternatives where there were none before.
Chamorro discusses how its platform navigates through regulations and how the Valiu team approaches the user experience. Finally, he discusses the financial problems in South America and how both Bitcoin and synthetic dollars are helping.