Today, the global leading exchange Binance announced that users can now buy and sell crypto with bolivars, Venezuela’s national fiat currency.

The announcement was roared from the Binance Spanish account on Twitter saying Peer-to-Peer trading started in Venezuelan Bolivars. Now the users can buy or sell cryptos with no commission.

In the past few years, Venezuela has faced several economic and political crises that made the government take significant steps to control the circulation of foreign currencies in the country.

Today, the global leading exchange Binance announced that users can now buy and sell crypto with bolivars, Venezuela’s national fiat currency. The exchange’s expansion towards Latin America depicts that the crypto trading in Venezuela has got a big breakthrough in this platform.

Peer-to-Peer trading started in Venezuelan Bolivars

The announcement was roared from the Binance Spanish account on Twitter saying Peer-to-Peer trading started in Venezuelan Bolivars. Now the users can buy or sell cryptos with no commission.

¡Comenzó el trading P2P en Bolívares Venezolanos?? directamente en @Binance! Ahora puedes comprar y vender criptomonedas con Bolívares… ¡SIN COMISIÓN! Tienes todo en un solo lugar ? pic.twitter.com/TbGgkOlrfO — Binance Spanish (@Binance_Spanish) April 16, 2020

The step taken by the exchange to capture the Venezuela market comes with so many reasons as the most urbanized country of Latin America has the highest volume of P2P trading in entire America. This figure surpasses the P2P platforms of the United States.

Though, Venezuela is still retrograde of becoming a “crypto country,” the situation pertaining to political and social conditions has encouraged in the rising crypto community. The supporters and developers of Bitcoin, Nano, Dash, and Bitcoin Cash have explored the country as a pilot for the adoption of Cryptocurrencies.

Venezuela has dealt with several economic and political issues

In the past few years, Venezuela has faced several economic and political crises that made the government take significant steps to control the circulation of foreign currencies in the country. At present, the national currency Bolivar has been heavily diminished with an inflation rate of 9585.50%.

The Marketing and Community Manager of Binance in Latin America, Mariangel García stated that Venezuela is associating with the countries such as Peru, Mexico, Colombia, and Argentina in the P2P platform. She further added that Binance will continue to offer the users a very rewarding and secure platform.

She further stated that due to the coronavirus pandemic, the on-site meetings are being paused unless the situation comes under control. The exchange is aiming to go for promotions across Venezuela, but for a time being virtual gathering is going on.