The Volume Of Bitcoin Trading In Venezuela Again Beats All Records

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Bitcoin News

The Volume Of Bitcoin Trading In Venezuela Again Beats All Records

Last week, Venezuela set a new record for bitcoin trading volume-1075 BTC (us $ 7 million) for 7 days.

According to Coin Dance, amid unprecedented inflation of the local Fiat currency, the Venezuelan Bolivar, the volume of bitcoin trading between October 28th and November 3rd exceeded the historical maximum set just two weeks before.

The reasons for the recent surge in popularity of cryptocurrency among local residents are easily explained. The growth of inflation beats its own records, increased control over the movement of capital, the lack of foreign currency and much more can not contribute to the preservation of the financial independence of Venezuelan citizens with the help of fiat currencies.

The authority of local traditional financial institutions is also undermined by various government initiatives aimed at the early introduction of the national crypto currency Petro, despite its questionable stability. The introduction of mandatory payments in Petro, has already provoked a widespread increase in prices in the country. And since August 20, 2018, Venezuela has entered into circulation a new “sovereign bolívar”, the rate of which is tied to the crypto currency Petro, secured by the country’s oil reserves. In addition, this week it also became known about the new sanctions announced by the US against the export of gold from Venezuela.

The local project Alccoin, focused on privacy, began work on “offline” trading cards Dash Text, users of which will be able to pay for goods in DASH in the store without connecting a smartphone to the Internet. Project managers said earlier that today Venezuela is the second largest market for DASH.

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