Altcoin News: Venezuelan Bitcoin Trading Volumes Hit Records Amid Blocking

August 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

About 68 billion Venezuelan bolivars were exchanged for Bitcoin over the past week via the OTC LocalBitcoins platform, which was an absolute record for a country experiencing prolonged hyperinflation.

According to the CoinDance portal, over the week, the Venezuelan LocalBitcoins segment traded at 67,923,595,380 bolivars, exceeding the record 58 billion recorded last month.

Image Credit: CoinDance

According to the Associated Press, the Trump administration on Monday froze the assets of the Venezuelan authorities. According to the White House, all property and shares in the property of the Venezuelan authorities in the United States are subject to blocking.

In this case, authorities are understood as the state and the government, as well as political structures, including the central bank and the national oil and gas company PDVSA. In addition, US citizens are forbidden to enter into transactions with supporters of the President of Venezuela, Nicolás Maduro, and the latter to visit the United States.

At the end of July, information appeared that Venezuela could convert airport fees to Bitcoins in order to circumvent economic sanctions.

Author: Marko Vidrih