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Residents of Venezuela are massively buying Bitcoins

December 07, 2018 00:13:30

Bitseven.com - Quite recently, Venezuela approved the national digital currency El Petro. So from recent times the residents were able to make various types of operations using it. However not all residents of this state started immediately using this innovation in their daily life.


Through the Localbitcoins platform alone, the residents of a Latin American state have recently carried out a number of operations worth more than 1200 BTC. The following situation occurred due to the inept policy of the country’s president Nicolas Maduro. For the upcoming Christmas holidays he raised the minimum wage in the country by 150%. A few days later the government forcibly devalued El Petro by 40%. As a result, ordinary people didn’t not get any benefit from this decision.


That is why Venezuelans are now massively buying Bitcoins. The forced digital currency, created with the help of their own taxes, caused lots of problems for local residents. They are trying to solve those problems by all means available for them.


Category: News

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