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Sudeban, the Venezuelan banking watchdog, is currently working on a mechanism to review crypto-related transactions in real-time to control the influence these have on the stability of the exchange market. Analysts have recently linked the situation in peer-to-peer (P2P) crypto markets to the recent drop in the value of the bolivar. Venezuelan Government to Monitor … Read more
The Venezuelan fiat currency, the bolivar, has lost almost 40% in its exchange rate against the U.S. dollar in a month. According to reports, the seasonal payments that the government has to make, and the lack of liquidity of the government to intervene in the currency market are part of the equation leading to this, … Read more
Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers … Read more
The government of Venezuela is now focusing its action on trying to establish the bolivar as the go-to currency for purchases in the country. According to several economists, this might be a risky bet in a country that has just exited hyperinflation and still suffers high levels of inflation. However, the establishment of a 3% … Read more
The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its … Read more
Binance, the leading P2P exchange in Venezuela, is now present in several popular dollar indexes in the country. The price of USDT on Binance’s P2P platform is now used to calculate the average price of the dollar with other P2P and electronic markets. The Venezuelan currency, the Bolivar, took a plunge last week losing 10% … Read more
The government of Venezuela is considering a new redenomination of its fiat currency. The proposal that is under study would cut six zeroes from the inflation-affected Bolivar. This would aid companies in processing taxes and provider payments that are absurdly complex with today’s numbers. However, the dollar is the predominant coin in retail payments in … Read more
Venezuela has been listed as the third country with the most cryptocurrency adoption in the world by Chainalysis in its 2020 report. With its citizens coping with crippling inflation and losing purchasing power, the country has taken a turn for these assets to survive. But what are the real numbers behind this crisis that made … Read more
The Venezuelan president, Nicolás Maduro, has claimed that 2021 will be the year of the state-backed petro (PTR) token. He also promised to boost a “100% national digital economy” agenda through a “complete digitalization process.” 77% of Trade Transactions in Venezuela Are Made via Digital Solutions in Bolivar During an annual speech at the National … Read more
The president of the National Association of Cryptocurrencies of Venezuela (Asonacrip) praised the recent bull run seen in bitcoin’s prices across the board, which “favors the usability of a very novel crypto asset,” such as the petro (PTR). Petro Is Gathering Strength Due to Its Surging Prices in the Secondary Market, Says Venezuela’s Asonacrip During … Read more
