Venezuela update. One BTC is around 1,400,000,000 Bs. (Bolivares), days ago it was 948,000,000 Bs.. 604 BTC were traded last week, up from 505 using LocalBitcoin. Minimum monthly wage down to 2.25 USD.

Just updating.

Today and yesterday the Bolivar plummeted, exchange rate was around 130,000 Bs. / USD at the time writing this post it is around 200,000 Bs/ USD.

53% devaluation in one day.

LocalBitcoin keeps trading around 500-600 BTC weekly. These are really big volumens considering the actual economy and it is only one exchange. The source, I think remmintances from families abroad, some private companies, miners (goverment iself too).

This week situation has worsened. Today my fathers got in ther accounts their retirment monthly payment. Only 1.2 USD. Yes, you read it right it is 250,000 Bs.

A lot of people don't believe the wages we have here.

For example, a good wage (like airline pilot) is around 200 USD per month.

The Venezuelan engineers college suggest a 200 USD per month wage for a starting Engineer, good luck finding a place thay pays that, here you can see (March, exchange rate was aroun 80,000 Bs. per USD)

http://www.civ.net.ve/uploaded_pictures/69_d.pdf

There is some kind of knowledge about cryptos because the goverment has their own "crypto" called Petro. Problem it was a bad proyect and with no trust, its value in their (goverment) own exchanges is less than 15% than the intented value (they did an airdrop, everyone wants to see, no one wants to buy), so they dont know what to do. Their idea was like a stablecoin with a fixed price of 60 USD. Failure.

Most people isnt working because the pandemic, I got my monthly wage cut, it barely last considering I have to help my parents.

AMA even if it sounds dumb.

Sources:

https://coin.dance/volume/localbitcoins/VES/BTC

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Submitted April 23, 2020 at 06:48PM by WorkingLime https://ift.tt/3avkqJE