Bitcoin trading keeps Venezuelan Petro in the background
The citizens of Venezuela are witnesses of the rapid devaluation of local currency due to hyperinflation; which represents a benefit for bitcoin in the country
The efforts of Nicolás Maduro’s government to promote the petro in the nation seem insufficient in their eagerness to attract the attention of Venezuelans. The large activity of bitcoin operations during the last weeks coincided with statements that ensure that the rule of law in Venezuela is broken.
The figures indicate that more than 47 billion bolivars have were traded in bitcoin last week through LocalBitcoins. Although the increase can be attributed to the accelerated depreciation of the Venezuelan currency since the bolivar lost at least 13,300% of its value against bitcoin since August 2018, the event also coincides with the increase in the price of the cryptocurrency in recent weeks.
To this is added the warning of the International Commission of Jurists that stated that there is no rule of law in Venezuela because of the government of Nicolás Maduro. This leads many people to reinforce the thesis that the petro, the national cryptographic currency, will end up being sidelined thanks to the rejection of people and institutions.
The commission urged the Venezuelan authorities to restore democratic institutions as part of a solution to the political, economic and humanitarian crisis affecting Venezuela.
In this connection, Sam Zarifi, General Secretary of the International Commission of Jurists, presented his latest report on Venezuela: “There is no way for the debate” in Venezuela.
L.Sáenz
Source: Diario Bitcoin
