Venezuela breaks Bitcoin trading records by surpassing 500 million bolivars 22010
News
Pinaz Kazi
Aug 30, 2018 at 6:30 PM

A recent report noted that the trading between Bitcoin and the Venezuelan Bolivar (VES) surpassed 500 million for the first time last week. With this, BTC/VES broke all past records.

The data from Coin Dance as cited by Bitcoinist confirmed that BTC/VES achieve volumes that was never seen before. Interestingly, the results were out the week Venezuela revalued the bolivar to create new Sovereign Bolivar. In the process the currency value got lowered by 96 percent.
Reportedly, 506.3 million VES were processed by localbitcoins processed 506.3 million VES, beating the previous all-time-high of 175.8 million which was seen the week before.

President Nicolas Maduro recently introduced a new currency called the sovereign bolivar, to which the state-run cryptocurrency Petro will be pegged. Petro is valued at 3,600 sovereign bolivars, or $60.

Though the digital coin market has seen prices fluctuate from record levels to more than half their value, Venezuelans still invested as it seemed relatively stable compared to the bolivar.
“We have not seen a single Petro circulating, nor its smart contracts, or rules of the token, and much less its blockchain,” says Jorge Farias, founder of Cryptobuyer – a platform that offers users financial services related to cryptocurrencies.

Government is optimistic about the new currency but it is only creating confusion among the ordinary Venezuelans. In fact, the government’s Sovereign Bolivar project received a lot criticism too. Purse.io head of support, Eduardo Gomez, a Venezuelan national, mentioned on Twitter on August 27 that citizens planning to travel abroad will have to inform banks of their intention to travel outside country.

“Many Venezuelans who live outside the country use their national bank accounts to send money to family members and to purchase local currency from traders by selling USD,” Gomez commented. “Bitcoin users will be directly affected by this. Many (Localbitcoins) traders live outside the country.”

See also:

Ethereum Co-founder Joseph Lubin ‘not sure’ about Tether Bitcoin price manipulation

 

Image via Shutterstock

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