US Freezes Venezuelan Government’s Assets and Bitcoin Peer to Peer Transactions Go Up

    The tension between the government of the U. S. and Venezuela has recently skyrocketed. In a move against the Venezuelan president Nicolas Maduro, the U. S. administration decided to freeze all possible Venezuelan assets. This sparked a new all-time high of Bitcoin use in the Latin American country.

    According to the Associated Press, the actions of the U. S. resemble actions that the country took against Iran, North Korea, Cuba and Syria, all of which were considered political enemies. The crisis in Venezuela is already pretty severe, so these new sanctions are certain to aggravate even more the current problems.

    Executive orders also forbid any citizen of the country to engage in economic activity with the Venezuelan government or its supporters. However, some sector are excluded. People are still able to send aid to the country and many transactions related to the private sector of the country are still allowed, too.

    During The Crisis, Use Bitcoin

    The volume of BTC trading on LocalBitcoins, a popular BTC P2P site, is growing up a lot recently. Tensions are higher than ever before and the crisis continues to damage the country’s economy, as the hyperinflation has risen to over 10,000,000% recently.

    Before around a year ago, according to data from LocalBitcoins, Venezuelans were almost not using BTC, however, the use of the tokens went up over a hundred times since then.

    After the start of the crisis, Venezuela tried to create its own token, the Petro, but all reports indicate that the state-backed currency failed to get proper adoption.

    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.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [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


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    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.