Political turmoil forces Venezuelans to maintain their financial independence by buying cryptocurrencies. In this country, the volume of bitcoin-trading beats every imaginable and inconceivable record, because the local currency - the bolivar - has almost lost its value. Bitcoinist writes that the new regulations are aggravated by the state.
The other day in Venezuela came out the “Constitutional Decree on the Integral System of Cryptocurrency Assets,” which gives the state unlimited power over all processes, ranging from buying and selling cryptocurrency to the confiscation of mining devices. However, even the most severe measures of the Venezuelan authorities are unlikely to be able to somehow affect such P2P-services, such as Localbitcoins.
By the way, it is he who fixes all the new records that beat the Venezuelans, buying bitcoin. According to the Coin Dance service, which monitors the trading situation on Localbitcoins, last week's trading volume was 1,972 BTC. That is, 17.1 billion VES (Bolivars) were exchanged for bitcoins. This is 1.2 billion more than 2 weeks ago.
The document regulating cryptocurrency activities in Venezuela specifies that bitcoin exchanges and other crypto organizations that violate the rules spelled out in the “Constitutional Decree” will be fined up to 18 thousand dollars.
“Cryptocurrency companies and mining firms that operate without the proper permission of the governing body and violate the other formalities required by this decree will be fined from 100 to 300 Petro,” the document says.
Recall that the growth of BTC trading volume in Venezuela is influenced by the worsening economic situation in the country. Its position is exacerbated by US sanctions and hyperinflation.
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