Weekly BTC trading hits record high in Venezuela

02 Sep 2019

The trading of Bitcoin has reached a new high in Venezuela.

According to data unveiled on Monday from Coin Dance – which monitors trade volumes on P2P crypto exchange platforms – people in Venezuela traded more last week than ever.

In the seven days ending August 31, a total of 114 billion sovereign bolivars (VES) were exchanged, solely on Localbitcoins.

This figure far exceeds the previous record of 77 billion bolivars reached the week before.

In regard to Bitcoin, the uptick was much smaller, increasing from 465 BTC to 533 BTC, reports Coin Telegraph.

Recent weekly highs in VES trading highlights the Venezuelan currency’s weakness as it devalues against every other.

In July the rate of inflation declined as the government introduced financial controls. Although there were figures of around 10,000,000% reported previously, July’s annual inflation rate was around 265,000%, as reported by Reuters in August.

That said, the Venezuelan government is still driving its polemic national currency, including state-issued digital currency, Petro, for which a remittance system was introduced last week.

In addition, the week before, Coin Telegraph reported an agreement was reached between cryptocurrency startup, Pundi X and one of the country’s largest department store chains, Traki, to allow the store to accept cryptocurrency payments.

The co-founder and CEO of Pundi X, Zac Cheah, said: “Traki has been one of the early adopters of cryptocurrencies in Venezuela, which highlights its commitment to improve the traditional financial system ... We hope the XPOS further expands the crypto use cases that customers have come to expect from Traki.”

Michael Gomez, chief of Traki’s crypto assets department, added: “At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution ... This partnership with Pundi X solidifies our commitment to make cryptocurrency as easy to use as fiat currency in our stores.”