Bitcoin Fiat Volumes in Venezuela All Time High on US Sanctions

bitcoin venezuela abstract fan art

Venezuela is handling about $7 million of bitcoin peer to peer purchases and sales a week according to the latest data for Localbitcoins. They’re handling about ₿600 a week, but due to bitcoin’s rising price and due to continued hyperinflation in Venezuela, the fiat equivalent of bitcoin volumes look parabolic: Part of the reason for this growing bitcoin popularity in Venezuela, which has spread to their neighbors like Colombia, is because of US sanctions. Starting in 2015 after a “national emergency” was declared in an Executive Order, the Venezuelan national oil company was put under sanctions, with it now extending to all property of the government of Venezuela. US President Donald Trump said: “Pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.)… I have determined that it is necessary to block the property of the Government of Venezuela in light of the continued usurpation of power…

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