Venezuela is always in the news about cryptocurrency market. While President Maduro promotes his own cryptocurrency, “Petro”, Trump signs a petition to ban the use of Petro in the U.S.
However, right now, Venezuela is the news for reaching a milestone of $1.006 million for Bitcoin Transaction recorded in a single day. A data report released by VeneBloc shows that the milestone was achieved on 17th April 2018.
The regulations and capital controls by the government since 2003 have led to the emergence of black market forex platforms in the nation which provide Venezuelans an access to the bitcoin market. Everyone, from people to business entities have no option but to patronize these black market forex operators irrespective of the rates.
Because of these third party platforms, many Venezuelans don’t have any means of estimating what the true forex rates are. They are left to depend on websites, WhatsApp groups, and also cryptocurrency exchanges that record the bolivar-dollar pace.
Because of the increasing unemployment levels and unparalleled hyperinflation. the bolivar is depreciating steadily in the market, which in turn has caused starvation to many and a cut down in basic amenities.
Now with the drop in Petroleum prices in Vemezuela, Maduro’s oil backed Crypto, i.e. Petro’s debut is making the rounds. The government expects to sue the petro as a vehicle for bypassing the stifling U.S. sanctions who have made the nation unable to exchange with different nations and tackle its increasing profile
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