Bitcoin Surges in Venezuela After All Banks Shut Down

Bitcoin trading has surged in Venezuela after a shutdown of all banks amid a nationwide quarantine.

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Venezuela’s banking system has been suspended “indefinitely,” leading to a large spike in cryptocurrency trading.

Currently, one bitcoin is worth over 3.4 million bolivars.

Venezuela has 33 cases of COVID-19 currently, but Venezuelan President Nicolas Maduro hopes his emergency measures will prevent a potential outbreak.

Bitcoin volume has increased over 30 percent in Peru and nearly 15 percent in Colombia this week.

In January, Maduro attempted to bolster the country’s oil-backed Petro cryptocurrency by launching a Petro-powered casino. The funds were allocated to strengthen the nation’s health and education programs.

To further reinforce the Petro, Maduro declared all airline fuel sales for international flights will be conducted using the Petro.

Despite these efforts, Venezuelans have largely disregarded the Petro.

Localbitcoins.com offers show listings for the tokens at half of their theoretically fixed value of $60.

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