Venezuela UPDATE. 1 BTC is 50,600,000 Bs. Last two week it was 49,000,000 Bs. Monthly minimum wage is around 10 USD. 710 BTC were traded last week (down from 758 last week and 874 two last week)
Around 3,000 BTC were have been traded this month only using LocalBitcoin, everyone knows about the fees, but for some reason people still traded that amount in this country using BTC and Localbitcoin.
Last week was the lowest trading week since Sep 2018 (I dont really know the reason).
That doesnt sounds a lot, but considering the wages here are under 20 USD per month usually I think it means a lot. Even when when people use BTC to save (just to avoid Bs.)
Usually it is BTC > Bolivares in your bank account
By the way, before someone asks. People NEEDS to sell their BTC to get Bolivares and pay for things (Not so many stores or store owners accept direct payment in crypto)
Sources:
https://coin.dance/volume/localbitcoins/VES/BTC
https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/
About the minimum wage
https://www.venezuelanews.net/news/260700087/the-president-of-venezuela-raises-the-minimum-wage
40.000 Bs. per month plus 25.000 Bs. as food bonus, total 65.000 Bs. Around 11 USD at street rate.
About US sanctions:
AMA!
Submitted June 09, 2019 at 08:33PM by WorkingLime http://bit.ly/31uAFTY
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