Venezuela Sets Bitcoin Trading Record With New Hyperinflated Banknotes

Data from monitoring resource Coin Dance reveals that in the seven days ending June 15, Venezuelans transacted over 46 billion sovereign bolivars (VES) on P2P Bitcoin exchange Localbitcoins.

The figure stands far above the previous record of 40.9 billion VES set earlier in May.

As Bitcoinist has frequently reported, the ongoing Bitcoin activity in Venezuela has become an indictment of the VES, which began circulating in August 2018.

Under the regime of president Nicolas Maduro, the previous bolivar saw five zeros disappear from its exchange rate overnight, a controversial move which laid the foundation for the issuance of similarly dubious national cryptocurrency Petro.

Read more at Bitcoinist

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