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Venezuelan Petro Against US Sanctions: History and Use of the Crypto

For the entirety of cryptocurrency’s short history, Venezuela has been seen to be among the most striking example of the need for the utility. The South American country has hosted escalating political tension for years, as skyrocketing hyperinflation, electricity blackouts and shortages of vital food and medicine intensified popular discontent.


Venezuelan trade volume dominates P2P markets


Venezuelan peer-to-peer (P2P) markets have long been a leader in terms of volume, in part owing to widespread geo-blocking that targets Venezuelan citizens on the part of cryptocurrency exchanges. Recently, Binance announced that as of July 1 2019, the residents of Venezuela and 28 other countries will be restricted from accessing Binance’s decentralized exchange platform.


Venezuelan trade has consistently comprised the second-largest market on P2P Bitcoin marketplace Localbitcoins, trailing only behind Russia. During the week of July 13 2019, approximately 5,012 BTC changed hands — equating to 49,248,298,468 Venezuelan bolivar (approximately $5 million). Read More at CoinTelegraph...

#Venezuela #Petro #US

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