Bitcoin

Banks in Venezuela are close due to the corona virus, a peer-to-peer, trading in bitcoin is growing – Breaking News

The choices are very limited, there are only 36 confirmed cases of the corona virus, but, nevertheless, president Nicolas Maduro is now already in action. In a letter to the government, to show that all of the banks in Venezuela, is to be closed. According to the letter, it is only at the time of the physical buildings. This Is an opportunity for bitcoin to prove itself?

Banks will close for an indefinite period of time

In the letter, state the date when the banks and others to open. That is, it is not surprising, it is still unclear as to how long the coronacrisis stays the same.
The corona virus is not the biggest concern for Brazil. In the country for years, weighed down by inflationary economy, the Venezuelan bolivars are getting less and less worth it. What it looks like, you will discover it below. You are looking at the exchange rate of the U.s. dollar-denominated in the Venezuelan bolivar. In may of last year, it was one dollar, only about 5.180 bolivar is back. Now that you can get for the same dollar to nearly 75,000 in bolivar is back.

Petro stores is not yet of

In the meantime, there is the petrol, the national cryptocurrency of Canada. President Maduro will make the adoption of the petrol to encourage a casino that only this cryptocurrency can afford to pay. That’s the plan, it seems that the corona virus is also speech-to-run. The country will be in total lockdown, then it should be casinos are also likely to close.
With the adoption of the petro seems to be, and anyway, what is disappointing, according to a thread on Reddit, is that the cryptocurrency is for only one-half of the value of trade on LocalBitcoins. The government will set the value at $ 60, but it will be the coin for $ 30, selling.

Peer-to-Peer bitcoin trading is up and running again

While the banks will close, and the petrol still does not work, does trading in bitcoin in Venezuela is once again slow to get under way. In a peer-to-peer platform LocalBitcoins, two weeks ago, 491 million bitcoins traded last week, there were 540. With a value of eur 5,000 for each single bitcoin is going to be 2.7 million, respectively, in the last few weeks.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.