Venezuela Hits New Bitcoin Trading Record
By Jamie Green – Crypto Dealer
Venezuela’s crippling inflation has allowed the country to smash a new record in Bitcoin trading. According to data published by monitoring resource Coin Dance on September 2, Venezuelans traded more in value last week, than any other week in history.
Over 116 billion Sovereign Bolivars (VES) changed hands on LocalBitcoins alone in the seven days leading up to August 31. This is a monumental achievement as the previous record was set at 77 billion just the week prior. This shows strong increasing demand to buy and sell Bitcoin in Venezuela. You can find our previous article where Bitcoin trading volumes in Venezuela had just achieved new records.
The uptick for Bitcoin, however, wasn’t that significant as it raised from only 465 BTC to 533 BTC. Though more Fiat is being traded in Venezuela for BTC, the number of coins traded has decreased steadily since March. This correlates to the change in BTC price as the value of each coin has changed.
These weekly highs for buying and selling Bitcoin in WES, recently underscores the Venezuelan currency’s weakness as it devalues against every other currency, according to Cointelegraph.
In fact, the inflation rate dropped in July when the government brought in financial controls. In August, Reuters reported that although percentage figures in the 10 millions, the annual rate of inflation in July was more like 265,000%.
In spite of that, the government continues to issue its controversial national currency, including the Petro, the state-issued digital currency. A remittance system for the Petro was unveiled last week, but its potential uses and perspectives are uncertain at this point due to the number of sanctions against the token.
President Nicolas Maduro has encouraged citizens in the past to buy and sell cryptocurrency on the state issued blockchain to try and evade the crippling inflation and sanctions to improve their economy. It would seem more have faith in buying and selling Bitcoin through LocalBitcoins in Venezuela.
Head on over to our platform if you’re looking to sell Bitcoin UK through your trusted Bitcoin broker.
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:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards