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A man counts Venezuelan Bolivars. Photo: Wil Riera / Bloomberg via Getty Images

As Venezuela's economy descends into chaos, its currency, the bolivar, has taken a big hit, with one town inventing its own money to get around hyper-inflation and the government developing a state-issued cryptocurrency to evade U.S. sanctions.

In perspective: The black market exchange rate currently sits at 230,941 bolivars to one U.S. dollar, per DolarToday. And Bloomberg is tracking inflation in Venezuela by using the price of a cup of coffee as an indicator. One café con leche is now priced at 80,000 Bolivars, reflecting 4,344% inflation over the last year.

  • Paper money is increasingly difficult to acquire in Venezuela, and people have taken to paying cash dealers 100% premiums for it.
  • Russia was behind the creation of the "Petro," Venezuela's cryptocurrency, which the U.S. banned its citizens from buying, per a TIME investigation. The Kremlin has denied involvement in the development of the digital currency.
  • The town of Elorza has developed its own currency, named for the town, to make it easier for residents and visitors to conduct financial transactions, BBC reports. Residents of Elorza can get the paper money at the mayor's office.
  • The country's GDP has shrunk by close to 15% a year for the past two years, and that decline expected to continue in 2018

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

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