BTC trading activity went massive in Venezuela as the political tensions worsen in the country under the regime of Maduro as we reported previously in the latest cryptocurrency news.
The more the residents suffer under the regime, the more they turn to Bitcoin in a bid to help themselves. According to Coin Dance, more than 45 billion Venezuela bolivars were traded against Bitcoin when July started. This broke the previous record that was set in the middle of June. The rising number of bolivars that is spent on buying Bitcoin could be attributed to the fact that the Venezuelan currency is slowly weakening which also coincides with the price of the major cryptocurrency appreciating immensely in the past couple of weeks.
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Since April, the inflation rate in Venezuela was estimated to have reached 1,300,000 percent so, since last month, the South American country announced a new 50,000 bolivar bill was designed to ease business transactions. Venezuela is ranked among the top 30 countries whose national currencies are the most traded against Bitcoin. The new record volumes correlate with the global legal watchdog-the International Commission of Jurists which is urging that the rule of law in Venezuela has crashed.
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The ICJ claims that the power of the legislature and the judiciary in the South American country have been taken hostage by the current president Nicolas Maduro.
After the 2015 elections, the BTC trading activity massively shifted during which time the National Assembly was stripped from most of its powers. The ICJ put the blame on the breaking down of the rule of law:
“The focus of this report is on the usurpation of the authority of the legislative by the government in Venezuela. This comes after the judiciary was taken over. It seems quite clear that in response to the loss of direct support in the legislative assembly, the government decided to completely trample on the principle of the rule of law really and separation of powers.”
As noted in some of the best cryptocurrency news sites, the solution for the Crisis in Venezuela seems to be nonexistent. The Maduro regime has been promoting the petro cryptocurrency and the president even aimed to make the cryptocurrency the national cryptocurrency of Venezuela after which he ordered the bank of Venezuela to start accepting payments in the Petro cryptocurrency.
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