Listen To This Episode:
On this episode of the Bitcoin Magazine Podcast, host Christian Keroles sits down with Simon Chamorro to discuss Valiu, a tool for protecting Colombian pesos from inflation and remit funds to friends and family in Venezuela, which has been hit heavily by hyperinflation.
On its website, Valiu is described as a way to protect your money from inflation using synthetic "valiu dollars":
"Top up Valiu dollars using Colombian pesos. Save your Valiu dollars or transfer them to your friends and family in Venezuela instantly and for free," per the site. "Send money instantly to other Valiu users, or in an hour to a bank account in Venezuela. You can pay directly through any of our partners."
Due to government mismanagement and other factors outside of their control, Venezuelans have seen their fiat currency's value tumble, leaving it all but unusable for daily commerce and eradicating any savings that most people held. Bitcoiners point to these events as evidence of flaws inherent in the legacy financial system that would be remedied by a fixed-supply, third-party-free, deflationary form of sound money like bitcoin. As such, Valiu and Bitcoin are both tools that enable wealth protection for citizens of countries like Venezuela, providing alternatives where there were none before.
Chamorro discusses how his platform navigates regulation and how the Valiu team approaches user experience. Finally, he discusses the financial issues in South America and how both Bitcoin and synthetic dollars are helping.