If there is any one country that is doing cryptocurrency is right, it definitely is Venezuela.
A new record was set last week as the country had traded 1075 BTC in 7 days.
According to Coin Dance, despite continued volatility in the country’s dubious redenominated currency the Sovereign Bolivar, trade volumes for the seven days ending November 3 beat all previous highs.
On P2P trading platform Localbitcoins alone, 1075 BTC was traded, which amounts to a total of $7 million.
In Bolivar terms, the number easily swept all previous totals off the chart, coming in at 1.6 billion VES. Two weeks ago, the figure stood at 1.1 billion.
The Cryptos of Venezuela
There could be many reasons as to why the sudden increase in Bitcoin transactions.
Some reports say it could be a combination of inflation, capital controls, and foreign currency shortages. Also, the government is trying to convince all its citizens to transact with Petro, the country’s latest cryptocurrency by instigating mandatory Petro payments for utilities like passport application fees.
This week, international pressure also stepped up, with the US announcing sanctions on Venezuela’s gold exports.
In the meantime, Dash launched its local merchant acceptance scheme Dash Text that is targeted at payments. The plan is focused on completing payments using a basic phone, rather than a smartphone and an internet connection.
Executives had previously claimed Venezuela now constitutes Dash’s second-biggest market, while separate controversy focuses on allegations Petro plagiarized vast swathes of the asset’s whitepaper.
As Venezuela continues to do wonders in the cryptocurrency space, it is only a matter of time for rest of the countries in the world to catch up.
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