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Venezuelans Embracing the Crypto Culture Post the Banking Shut Down

After the global outbreak of COVID-19 banks are now closed in Venezuela. This has encouraged people to opt for BTC trading as a nationwide quarantine to combat coronavirus.

On March the 17th, the president of Venezuela, Nicolas Maduro asked for complete country-wide quarantine to fight the steadily increasing coronavirus in the country, which stands 33 at present. The administration managing the emergency services in the country believe that they are ready to deal with all kinds of situations, and are taking necessary steps to deter the increasing cases.

Venezuela’s Banking Sector Close Down Indefinitely

The national banking system of Venezuela has been halted  “indefinitely” as a means to stop quarantine, sparking a boom in P2P cryptocurrency buying and selling. After a 3 week skid to a weekly extent, Localbitcoins trade interest between BTC and the bolivar has rebounded and returned above $3.four million for the past weeks.

The COVID-19 outbreak has caused several financial ramifications, which further have supported cryptocurrency adoption around the South American continent, with Localbitcoins quantity jumping over 30% in Peru and increasing nearly 15% in Colombia over the last week.  Colombia and Peru both have closed their borders in recent days.

Coronavirus Pandemic Overshadows Petro Tasks

The COVID-19 chance seems to have dampened Venezuelan efforts to pressure adoption of its oil-backed cryptocurrency, the Petro.

Maduro’s remaining main projects to force Petro use seem to have taken place in January, with the president pronouncing the launch of a Petrol-powered online casino from which the earnings will purportedly fund health and schooling programs. The casino was launched approximately last week after the Venezuelan president decreed that every airline gasoline sales for worldwide flights be conducted using the Petro.

In Spite of the efforts of Maduro to stimulate its adoption, the people of Venezuela haven’t warmed to Petro. The Localbitcoins listings have shown that the people of Venezuela have been offloading the tokens at half their supposedly fixed fee of $60.

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