• The struggling country turns to Bitcoins, according to CoinDance stats.
  • The opposition leader and the self-proclaimed president supports Bitcoin.

Ruined by the political and economic crisis, Venezuela has found a resort in cryptocurrencies. The country has long been a leader by daily trading volumes on P2P platform LocalBitcoins that works like an advertisement board and allows people to exchange cryptocurrencies for fiat money and visa verse.

According to CoinDance statistics, during the previous week, Venezuelans exchanged nearly 17.1 billion Bolivars to Bitcoins. It Bitcoin terms it is 1927 BTC.

Meanwhile, the authorities of the country issued a Constitutional order on the integral system of cryptocurrency assets. It is aimed at regulating the activity of Bitcoin exchanges and other crypto-related companies.

According to the document, those who use, issue or mine Petro or other digital assets without the permission of the supervisory body will be subject to a fine in the amount of up to  $18 000.

However, experts believe, that this order will not affect the trading volumes of LocalBitcoins and other P2P services. The country is pivoting towards digital money because of the dire economic situation, aggravated by sanctions and hyperinflation.

Earlier it has become known that the president of the National Assembly and the self-proclaimed president of Venezuela Juan Guaidó is a vocal critic of Petro and an ardent supporter of Bitcoin.

The cryptocurrency community pliers that he might legalize Bitcoin once he comes to power.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD will not hit $8,000 unless it falls to $5,000 first

Bitcoin price attempt to climb the ladder above $7,000 was met by increased selling activities in the zone between $6,800 - $6,900. This left the psychological zone at $7,000 untested, however, the area remains critical to Bitcoin price near term trend.

More Bitcoin News

NEO/USD struggles to settle above $7.00 as the upside momentum fades away

NEO, now the 2nd largest digital asset with the current market value of $492 million, is hovering around psychological $7.00. The coin has gained over 2% on a day-to-day basis, however, the upside momentum has faded away during early Asian hours.

More Ripple News

Ethereum Price Analysis: ETH/USD has to decide where from here

Ethereum, the second-largest digital asset with the current market value of $15 billion, the tested area above $142.00 before retreating to the current levels.

More Ethereum News

XRP/USD vulnerable to downside correction

Ripple (XRP) has been the best-performing altcoin out of top-20 in recent 24 hours, The coin tested $0.1800 during late Thursday hours and managed to settle above $0.1700 on Friday. Ripple's total market capitalization is registered at $7.5 billion.

More Ripple News


Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast