After the introduction of the Central Bank of a ban on the purchase of bitcoin last week set a new record for trading bitcoin on two of the most popular markets of South America.
As confirmed by monitoring the online Coin Dance on 10 November, for the first time in seven days in Venezuela and Argentina there have been more trades in pair with BTC, than ever before.
The statistics cover peer-to-peer platform Localbitcoins, which, despite increasing requirements for user identification, continues to be one of the most popular platforms in the two countries with troubled economies.
In General, Venezuela last week spent trading on sovereign 142,9 billion bolivars (VES), Argentina showed the figure of 19.4 million peso (ARS).
However, when viewed from the side of bitcoin, there is a significant increase in sales was not observed, which confirms the fact that the currencies of the two countries continue to weaken. Trading volume in Venezuela amounted to 627 BTC ($5.5 million), whereas in Argentina, gained only 30 BTC ($263 000).
Inflation continues to be a major problem for the government of Caracas and Buenos Aires, and the change of government in Argentina, unfortunately, has not brought improvement in the economy.
Last week, the Central Bank officially banned the consumers to buy bitcoin and other cryptocurrencies with a credit card.
Meanwhile, Venezuelans continue to slowly move on to the national cryptocurrency Petro, which was enchanting launched last year on poluobyazatelnyh basis.
“The printing of Fiat currency is expensive and involves complex logistics. That’s why Venezuela goes to the Petro – to provide a place where people store valuables in real time, without the cost of printing in General,” commented Mauricio Di Bartolomeo (Mauricio Di Bartolomeo), co-founder of bitcoin startup Ledn. He added:
“The Venezuelan Petro – this is all against what is bitcoin”.
As the Financial Times, Venezuela is forced to sell their oil at great discount prices because of the strong impact of US sanctions on the government.
Now the revenues from oil account for only $250 million per month, compared with $5 billion before the financial crisis.