Venezuela submits its largest-ever Bitcoin trading volumes weekly, data accumulated October 6th affirms, as the nation announced a few new financial shakeups.
7 Days, $7 MILLION
Data coveringP2P trading platform Localbitcoins demonstrate that Venezuelans changed a total of 1073 BTC ($7.1 million) at the week ending Saturday — that’s the most since records began in 2013.
The preceding release came in September with 898 BTC ($5.95 million) traded during week three, with the subsequent week carrying third place together with 879 BTC ($5.82 million).
Traders continue to show interest in cryptocurrency in Venezuela to bypass the rising hyperinflation that suffers even though a money redenomination in August of the government. Petro, the nation’s highly-controversial government-issued cryptocurrency, is in the place for rebranding and release in November, President Nicolas Maduro announced October 2nd.
PETRO Doesn’t CONVINCE
However on Friday meanwhile, vice-president Delcy Rodriguez disclosed the next step towards dependency on Petro, saying new passport extensions and applications might be paid with it as of now.
The cost tag on a fresh passport is going to be two Petros (7200 autonomous bolivars, now $115 ) — about 4 times the federal minimum wage, extensions will apparently cost one petro.
Migration authorities, apparently intending to”preserve citizen security and migratory control,” may also appear, as statistics reveal 5000 taxpayers flee Venezuela daily.
Petro’s identity issues continue to plague the project at a global level and among the citizens in the Maduro regimen.
Back in August, sources told tech book Wired the cryptocurrency comprised was worse in nature compared to hyper-inflated Reichsmark at Germany during the Weimar Republic.
Linked with petroleum reserves, the book also noted state petroleum company PDVSA’s debts totalled $45 billion — much over Petro’s alleged $5.9 billion market cap.
“To put it bluntly: it’s a scam on top of another scam,” Wired outlined.
Exactly what would you really believe? Let’s all know in the comments.