Venezuela WEEKLY UPDATE "living" here. 1 BTC is around 160,000,000 Bs (Bolivares). Three weeks ago it was 205,000,000 Bs. Monthly minimum wage is around 1.8 USD (it was 30 USD a year ago). 482 BTC were traded last week using LBTC (last week was 489) which is around 92,944,000,000 Bs.

As you probably know I'm a Venezuelan living here. AMA even if it looks dumb, you can also check my post history.

Government gave some money bonus (free bonus) around 10 USD. Public services like electricity, gasoline and tap water are owned by the government and are free, service is really bad with blackouts daily.

Biggest bank note is 50,000 Bs. which is less than 2 USD and less than a montly minimum wage. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

This after 5 zeroes were shaved from the currency less than a year ago and 3 zeroes more 12 years ago. So it would be 5,000,000,000,000 Bs.

Central bank and the government itself has a big stash of BTC, mostly to avoid US sanctions and mostly mined by mining equipment stolen from people https://www.bloomberg.com/news/articles/2019-09-26/venezuela-has-bitcoin-stash-and-doesn-t-know-what-to-do-with-it

MONTHLY minimum wage IS 40.000 Bs. , which is LESS than 2 USD per MONTH. Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 21.028 Bs. per each USD. So 40.000 / 21.028 is < 2 USD.

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

AMA!

Submitted September 29, 2019 at 07:02PM by WorkingLime https://ift.tt/2mQepEl