Venezuela and Argentina set a new weekly record in the volume of Bitcoin P2P trading
The weekly Bitcoin (BTC) trading volumes on the peer-to-peer or P2P trading platform (peer-to-peer) in Venezuela and Argentina have reached new historical highs in their respective national currencies.
CoinDance, the cryptocurrency data website, shows that LocalBitcoins trading or trading volume in local fiat currency in Argentina and Venezuela has reached new all-time highs.
According to the website, the week ending December 21, more than 32.6 million Argentine pesos (equivalent to about USD 544,905) were traded on the platform, or 34% more than the record recorded two weeks earlier.
Problems in Argentina: Citizens prefer Bitcoin over the Peso in the midst of repression against the dollar Local Bitcoin weekly trading volume in Argentina in Argentine pesos
Weekly trading volume of LocalBitcoins in Argentina in Argentine pesos | Coindance
In Venezuela, on the other hand, trading was higher than 248 billion bolivars (around 24.8 million dollars) in LocalBitcoins during the same week, almost 15.6% more than the record volume recorded during the previous week.
As Cointelegraph reported in early November, P2P trade volumes in Argentina have begun to set records after the measures taken by the country’s central bank to curb Bitcoin entries. The regulator specifically decided to ban Argentines from buying BTC with credit cards after also prohibiting the purchase of more than $ 200 a month.
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The capital control measures came after the bank announced in mid-September the intention to increase the monetary base of the peso by 2.5% per month during the following two months.
Venezuelan citizens, meanwhile, apparently use Bitcoin to escape extreme Bolivar inflation. The increase in volume may also have been driven by reports at the end of September that the central bank of that country is exploring the possibilities of having Bitcoin and Ether (ETH) in its coffers.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.