Bitcoin trading volume has hit new records in two major countries in South America. According to information from data monitoring service Coin Dance, the week which ended on Saturday had more Bitcoin traded than any other time ever, in both Argentina and Venezuela.
The Coin Dance data showed information from popular Bitcoin peer-to-peer trading service Localbitcoins. One reason why the news is noteworthy is that Localbitcoins in recent times, has become a lot more strict regarding its know your customer (KYC) guidelines, a move which was initially thought would frustrate users away from the platform. Another reason is that the Central Bank of Argentina announced that it had outlawed the use of credit cards for Bitcoin purchases. Regardless of these restrictions, Bitcoin volumes continue to soar.
Trade volumes in Argentina during the week in question, saw a total of 19.4 million pesos (ARS), while that of Venezuela hit 142.9 billion sovereign bolivars (VES). It’s interesting to note however, that there wasn’t a significant rise in Bitcoin’s exact numbers. For Argentina, 30 BTC ($263,000) were traded while 627 BTC ($5.5 million) were traded for Venezuela.
Both countries continue to suffer high levels of inflation, which is the reason trade volumes didn’t do any real considerable numbers.
In the past, the Venezuelan government created its own cryptocurrency called the Petro, in a bid to circumvent sanctions from other countries. So far, the Petro has largely failed.
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