The start of crypto regulations in Venezuela has triggered maximum bitcoin transfers till date in the country. Many cryptocurrency trading platforms like Localbitcoins and Paxful recorded a surge in the BTC trading volume.
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. Paxful, a P2P platform reported a similar growth 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.
The regulations on crypto in Venezuela establishes is a step towards a more secure trading atmosphere. A comprehensive set of rules for all crypto-related activities in the country establishes the National Superintendency of Crypto Assets and Related Activities (Sunacrip) as the main regulator of the crypto space.
Crypto Adoption on Surge
The exchange noted a 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.”
The decree enacting the country’s crypto regulations containing 63 articles was published in Official Gazette 41.575 at the end of January.