Venezuela sets new record of Bitcoin trading volume

Posted 07 August, 2019

As it became known, the residents of Venezuela exchanged about VEF 68 billion in bitcoin over the past week. Transactions were made through the OTC LocalBitcoins platform, which was an absolute record for a country experiencing prolonged hyperinflation.

Venezuelan p2p platform users exchanged Bitcoin for VEF 68 billion in total  over the past week, according to Coin Dance. The past record was VEF 58 billion last month after the Trump administration froze the assets of the Venezuelan authorities. According to the White House, all property and shares in the property of the Venezuelan authorities in the USA are subject to blocking. Now, American entrepreneurs can not conclude deals with the authorities of Venezuela. The decree covers the assets of the Central Bank of Venezuela and the oil company PDVSA.

In addition, US citizens are forbidden to enter into transactions with supporters of the President of Venezuela, Nicolas Maduro.

Note, this expansion of sanctions in the USA only aggravates alread deep economic crisis in Venezuela. The country is facing hyperinflation, and the International Monetary Fund (IMF) predicts that the rate in Venezuela will reach a new level of 10,000,000% by the end of 2019.

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08 August, 2019 10:41

← South Korea to enhance crypto market monitoring following FATF guidelines

South Korea is about to tighten control over the local cryptocurrency trading platforms via expanding the power of the Financial Service Commission. FSC that used to design guidelines for banks on cooperation with cryptocurrency exchanges will become a direct watchdog for these exchanges.

South Korea to enhance crypto market monitoring following FATF guidelines

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07 August, 2019 13:58

Seoul authorities consider local cryptocurrency →

The authorities of Seoul has reportedly expressed intentions to launch first blockchain-based administrative services this November. Seoul's authorities are considering the launch of S-coin in the city blockchain system. The token is said to be used as a reward system for usage of state services (tax payment or public surveys participation).

Seoul authorities consider local cryptocurrency
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