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Venezuelans Exchange 17.1 Billion Bolivars For Bitcoins Over Week

11:24 06/02/2019
Venezuelans Convert 17 Billion Bolivars For Bitcoins Over Week

A new record was set for the amount of money in the national currency exchanged for bitcoins during the week under the conditions of the ongoing political crisis in Venezuela, Bitcoinist.com reports. This sum amounted to about 17.1 billion bolivars.


Residents of Venezuela continue to be suspicious of the bolivar, which is rapidly depreciating in today's economic and political situation. Amidst the galloping inflation, total control of power over capital, and the lack of foreign currency, Venezuelans have only one choice left — cryptocurrency, and in particular, bitcoin. According to CoinDance, the total amount that Venezuelans exchanged between January 27 and February 2 was 1972 bitcoins.


The country's leadership has responded to the growing popularity of cryptocurrency. The official government bulletin included the text of the new law on the crypto sphere, which is designed to regulate the activities of crypto trading platforms and other companies.


The document establishes strict rules for violators of norms regarding digital assets and the national cryptocurrency Petro. They can be subject to severe fines of up to $18,000, according to the local publication Cryptonoticias.


Those who perform work related to the emission, use, mining of Petro or other cryptos without the permission of regulatory organizations and ignore the established rules will be fined, the document states.


As previously reported, the Venezuelan government converted the pensions of local residents into cryptocurrency without their consent.

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