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#Venezuela’s #BTCTrading Volumes Hit Record Highs as Crypto Regulations Commence
Record BTC Trading Volumes
Peer-to-peer ( #P2P) markets that trade #cryptocurrencies in Venezuela have recently been showing record #volumes. On Localbitcoins, #BTC to bolivar trading volume has been growing steadily, with 2,485 coins traded in the week ending Feb. 9, up from 2,004 coins the previous week.
Another P2P platform, Paxful, is reporting similar growth. The company told Bitcoin Info on Tuesday that BTC trading volume for #Venezuela on its platform increased by 74.66 percent in 2018 compared to the previous year, taking into account only successful #trades. In addition, the number of trades increased by 118 percent in the same time period, averaging 61,534 transactions monthly.
The platform has 40,309 users in Latin America, 8,817 of which are in Venezuela. There are currently 1,123 active users in the country, with most of them located in the capital city of Caracas, the company revealed. Additionally, Venezuela now accounts for more traffic to Paxful’s website than any other country, at 36.99 percent.
Crypto Adoption Accelerating “Adoption is [growing] really fast” in Venezuela, Indian #crypto exchange Instashift with a presence in Venezuela told Bitcoin Info on Tuesday. The #exchange reported seeing strong demand for BTC in Venezuela earlier this year, ahead of the other 44 countries it also operates in. Marketing officer Jacob Mani elaborated that “People know about cryptocurrency and are very much aware about the developments in the crypto space. Moreover, Venezuelans are very courteous and welcoming about new ideas and possibilities that they have got.” He also noted that “Big stores like Traki are accepting bitcoin.” Crypto Regulations Enter Into Force
The government of Nicolas Maduro recently began #regulating the cryptocurrency industry. The decree enacting the country’s crypto regulations containing 63 articles was published in Official Gazette 41.575 at the end of January.