Crypto Adoption in Venezuela Increases as Coronavirus Quarantine Shuts Down Banks

Venezuela witnesses an increase in peer-to-peer (P2P) Bitcoin (BTC) trading after banks have been shut down in the country amid the coronavirus quarantine.

President Nicolas Maduro instilled on March 17 a nationwide quarantine meant to decrease the spread of the coronavirus. Until now, only 33 cases of the disease have been confirmed locally, so by implementing emergency measures, the administration hopes that its health system won’t become overwhelmed by the infection.

The Banking Sector in the Country Shut Indefinitely

As part of the emergency quarantine, the banking sector in Venezuela is shut down indefinitely, which has caused the P2P crypto trading to increase. The BTC and bolivar trade activity at Localbitcoins rebounded back at over $3.4 million in the last 2 weeks, after a period of 3 weeks in which the weekly volume has slipped.

The entire South America is going through an increase in the adoption of cryptocurrencies ever since the coronavirus appeared. Localbitcoins’ volume went up more than 30% in the country of Peru, and almost 15% in Colombia, only last week. Both these countries recently closed their borders.

Petro Adoption Is Currently Dampened

Venezuela’s efforts to implement the adoption of the Petro, its cryptocurrency backed by oil, have been dampened by the COVID-19 threat. President Maduro’s latest important initiatives on Petro happened in January, when the launch of a casino powered by the cryptocurrency has been announced. The profits from the casino are supposed to become funding for the education and health sectors in the country. More than this, the casino was opened just a week after the Venezuelan President decreed that Petro is to be used for all sales of airline fuel for international flights.

Still, people in Venezuela aren’t yet warm to the new cryptocurrency. In the Localbitcoins listings, it appears the tokens have been offloaded at half of their $60 fixed value.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today