Categories: Bitcoin Business

Venezuela Breaks Bitcoin Trading Record Again As New Regulations Become Law

Click here to view original web page at

Venezuela set a new record for the amount it traded for Bitcoin (BTC) last week, showing cryptocurrency’s continued appeal in the face of ongoing political turmoil.

17.1 Billion Bolivars For Bitcoin

Data from Coin Dance, which tracks volumes on P2P trading platform Localbitcoins, showed that in fiat terms, the seven days ending February 2 were the busiest on record for Venezuela.

The country’s embattled currency the sovereign bolivar (VES) suffers from rampant hyperinflation, with capital controls and a shortage of foreign currency leaving residents with only one choice to secure their wealth: Bitcoin.

Almost 17.1 billion VES changed hands on Localbitcoins last week – clipping the all-time high set the week before by almost 1.2 billion VES.

In Bitcoin terms, the period was Venezuelans’ second largest at 1972 BTC.

Law Will Fine ‘Unauthorized’ Crypto Users

The surge in cryptocurrency popularity has not gone unnoticed by authorities. On Monday, the text of a new law regulating the sector, from buying and selling to even how law enforcement can allow itself to confiscate mining equipment, appeared the country’s official gazette.

The move gives regulators overarching power concerning cryptocurrency exchanges and other official businesses, but controlling P2P services, such as Finnish Localbitcoins, all but impossible.

According to the law, those ‘officially’ flouting the rules, which also extend to Venezuela’s state-issued cryptocurrency Petro, can face severe penalties of up to $18,000, local cryptocurrency media outlet Cryptonoticias reports.

The publication quotes the document as stating:

Those who operate or perform any type of activity related to the constitution, issuance, organization, operation and use of (Petro) or cryptocurrencies, including mining, without the proper authorization of the governing body and in breach of the other formalities required by this Constituent Decree, they will be sanctioned with a fine equivalent to 100 to 300 (Petro).

Among those in line for such sanctions could be Juan Guaido, the self-proclaimed interim president of Venezuela, whom commentators suspect has considerable Bitcoin holdings. Authorities moved to quarantine Guaido’s fiat bank accounts last week.

What do you think about Venezuela’s Bitcoin trading statistics? Let us know in the comments below!

Images courtesy of Shutterstock,


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Bitcoin Is the Fraud? JPMorgan Metals Desk Fixed Gold Prices for Years

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

1 hour ago

Thai Crypto Scene Still Reeling From Top Exchange Bailout

Thailand’s vibrant digital asset scene was shaken earlier this month when its most popular exchange unexpectedly announced an imminent closure.… Read More

1 hour ago

A Blockchain-Enabled SIM Card? How This Could Change Our Mobile Experience As We Know It

Distributed, Decentralized, Disintermediating While still in its infancy with regards to proven capabilities and real-life adoption, blockchain technology remains one… Read More

1 hour ago

Blockchain privacy explained

Blockchain does not require user identification in the same way as other technologies. Unlike the Internet, where users are tracked… Read More

1 hour ago

Bitcoin mining hurts our climate

Transcript You can enable subtitles (captions) in the video playerBitcoins hold the potential to revolutionise our economy in so many… Read More

1 hour ago

Chocolate Not Drugs the Future of Bitcoin Commerce

- Tim Tams sold for BTC on Online Blockchain's new crypto marketplace site - LONDON, Sept. 17, 2019 /PRNewswire/ --… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More