According to the data provided by LocalBitcoins, a peer-to-peer cryptocurrency trading platform, the weekly volume of Bitcoin in Venezuela achieved a new all-time high. Measured in Bitcoin, the weekly volume of the BTC-to-Venezuelan bolivar (VES) pair increased to 2,454 BTC. In U.S. dollars, that is worth $8.95 million per week and $1.29 million per day. Matt Odell, a cryptocurrency researcher...
The amount of Venezuelan bolivars being spent to purchase bitcoin has risen to record levels as the South American country experiences unprecedented hyperinflation and a worsening economic crisis. Per Coin Dance, bitcoins worth nearly 900 million bolivars have been traded so far this week in Venezuela, and this is already higher than last’s week volume of slightly over 850 million bolivars...
Venezuela, a country battling one of the deepest economic recessions on record, is set to launch a new fiat currency pegged to its oil-backed "petro" cryptocurrency next month, according to President Nicolas Maduro. Venezuela to Create Fiat Currency Pegged to Cryptocurrency That is Pegged to Oil As reported by local news outlet Telesur, Maduro said that the new fiat currency, called the Bolivar...
One million units of a nation’s currency to buy a cup of coffee would have been unthinkable before now. This is the case in Caracas, Venezuela, today, where it now costs one million bolivars to buy a single cup of coffee. This is due to the hyperinflation of the past 12 months in the once-rich OPEC country, which has now climbed to 43,378 percent. Incredibly bleak moment milestone for Venezuela...
Venezuela’s economic situation has been steadily declining in the past few years, bringing Venezuelans to turn to cryptocurrencies. According to VeneBloc data, the bolivar-to-bitcoin market recently reached a new record, as the equivalent of $1.009 million in bolivars were exchanged for bitcoin on April 17. VeneBloc tracks transactions made on peer-to-peer exchange LocalBitcoins on the South...
Runaway inflation continues to devalue the Venezuelan Bolivar (VEB), even as the country’s authoritarian government seeks to divert attention from the floundering economy by hawking its “Petro” cryptocurrency. According to Reuters, prices in Venezuela rose by 454 percent during the first quarter of 2018 and have swelled by 8,900 percent over the past 12 months. Those numbers are from the...
Venezuela has ordered severe limits on bank withdrawals less than a week after India made changes to its cash currency precipitating long lines at the nation's ATMs. Both of these government actions have led to an increase in interest on the digital currency, Bitcoin. Venezuela's Superintendency of Banking Sector Institutions (Sudeban) forbade public and private banks from dispensing more than US...
The month of July saw a high number of bitcoin transactions in Venezuela with August achieving a new record high as more people turn to the digital currency as the country continues to tackle the inflation of Bolivar. Venezuela is a country that is blighted by hyperinflation. According to the International Monetary Fund (IMF), Venezuela is projected to remain in a deep recession in 2016. Compared...