10 million% Inflation Gives Venezuela a New Bitcoin Volume Record
By Luke Flowers – Cryptocurrency Enthusiast
Coin Dance data confirms the seven days leading up to July 20th were Venezuela's biggest Bitcoin volume on record on the trading platform, LocalBitcoins. This strongly suggests more are seeking to buy and sell Bitcoin as adoption grows.
President Donald Trump launched a new set of sanctions against the Venezuelan Bank. Due to these sanctions and other economic events, it has resulted in super-high inflation that has risen over 10,000,000%. As such, citizens have experiences hardship in mobilising their money.
Nevertheless, President Maduro has sought to utilise cryptocurrencies to salvage his country from this hardship, with the introduction of the Petro. The only problem is the Petro, a state-issued digital currency, was declared a failure by a United States non-profit organisation earlier this month.
During that time, LocalBitcoin users alone had generated over 57 billion bolivars, beating the last all-time high of 49 billion the week prior. As a result of this inflation, many are forced to seek other means of storing value and buying Bitcoin has become a popular option.
However, as the bolivar count on LocalBitcoin keeps going up, the rates are actually getting worse – this is because there is less supply. Last week's $57 billion figure just amounted to 574 BTC - which is significantly less than earlier this year.
The Venezuelan government does not support buying and selling Bitcoin or cryptocurrency trading other than the Petro. Maduro has even gone as far as forcing or blackmailing residents and businesses to use the Petro.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
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