Venezuelans Cashing In on Pepe Cards

Investing, News | March 29, 2017 By:

Economic turmoil in Venezuela has citizens there turning to a new monetary system – Pepe trading cards.

Reports indicate that the trading cards, which depict the popular green frog cartoon character, are gaining as a currency in Venezuela, where bitcoin already has a strong foothold. The dip in oil prices and the government’s socialist policies have devastated that nation’s economy.

The Venezuelan government takes a dim view of the activity. Reports indicate that the police have targeted those engaging in cryptocurrency transactions, charging them with extortion. Bitcoin miners appear to be a prime target.

The Pepe meme has become a collector’s item online, with trades of “Rare Pepe” being offered for thousands of dollars in US funds. Anyone can issue a rare Pepe, which are verified by the official Rare Pepe Foundation and linked to the bitcoin chain via a key address. There is also a complete directory of them.