Venezuela Bank Closure Increases Bitcoin Trading Volume

Venezuela banks had received a notice informing them of the closure of all banking activities that involve contact with the public.  This memo was made available to us via a tweet from the official twitter profile of the Venezuelan banking sector superintendent. The tweet which read “Circular sent to all institutions in the banking sector, regarding the continuity of the online banking service during the state of alarm” was accompanied with a memo picture that carried all the information.

Recall that the President of Venezuela, President Nicolas Maduro had earlier declared a state of emergency in the country due to the Covid-19 pandemic.

After the new order, there has been a decent increase in Bitcoin trading activities in the country. Recall that the inflation and continuous devaluation of their local currency had previously given them a period of difficulty.

The number of peer to peer cryptocurrency exchanges has also been on a sharp increase in the country as citizens turn to cryptocurrency.

Data Coin Dance show that P2P bitcoin trading this week has rocketed by the closure of banks in Venezuela. Trading volume has gone up this week from 491 BTC to 540 BTC in Venezuela on LocalBitcoins, a P2P exchange. At the end of February, this was still at 375 traded BTC.

We hope the world will continue to turn to crypto in trying times like this. Our hearts are also with the whole world as we fight this global Pandemic to a standstill.

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