Peer-to-peer (P2P) bitcoin (BTC) trading appears to be on the rise in Venezuela after the country’s president Nicolás Maduro imposed strict coronavirus quarantine measures on the nation, with banks struggling to cope under the weight of financial pressure – already high in the country due to United States-led sanctions. Per CoinDance data, trading volumes at P2P platforms like LocalBitcoins is spiking, with banks foundering, according to Expansion – and the International Monetary Fund refusing to meet the country’s request for an emergency loan.

The Board of Directors of the U.S. Federal Deposit Insurance Corporation (FDIC) has conditionally approved the deposit insurance application submitted by Square, a payment startup founded by Twitter CEO and prominent Bitcoin supporter Jack Dorsey, related to its Industrial Loan Company (ILC) bank charter, to create a de novo industrial bank, thus enabling it to launch Square Financial Services, says FDIC press release. Per Square’s announcement, Square Financial Services is expected to launch in 2021, operating independently, as a direct subsidiary of Square, Inc. Its primary purpose will be to offer small business loans for Square Capital’s commercial lending business, and to offer deposit products. Finally, Square has also received charter approval from the Utah Department of Financial Institutions, the company says.