Bitcoin Trade Is Booming in Venezuela

Last week Localbitcoins users from Venezuela set a new record, trading a staggering amount of 2.7 trillion bolivars in seven days. The news comes on the hills of parliament’s decision to use Petro as a means of payment for all government institution. The trading statistics are presented by Coin Dance, which estimates that the last weeks’ weekly turnover amounted to $55 million if converted to the US currency.

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Although some community activists and members of the parliament denounced the newly launched digital assets as a scam, the state-sanctioned Petro is to start circulating soon. After Trump has banned the American citizens from taking part in Venezuelan crypto activities, some experts expect Russian investors to join in, especially after the rumors of an alleged Petro deal with Russia have spread over the Internet about a week ago. The Kremlin, however, did not confirm the info.

Venezuela is now in the midst of a severe economic crisis, as the country’s inflation rate is expected to reach 13,000% by the end of the year. After the introduction of Petro as a legal tender, Maduro plans to boost the county’s oil productions, allegedly enlisting the help of Russian and international oil companies.

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