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Could bank closures facilitate cryptocurrencies in Venezuela?

maduro venezuela petro - In Venezuela, the closure of banks could facilitate cryptocurrencies?

even the Venezuela activated with extreme force to contain the Covid 19th. While the doctors and health personnel sent by Maduro land in Italy, the government of Caracas opts for a series of very strong measures to combat the spread of the infection.
In addition to the proclamation of the state of emergency, the Venezuela he also decided on the closing of all bank branches. A measure made necessary precisely by fear for what could happen in a country already cornered by the embargo of Trump.

The measures taken by Maduro

The decision to close the bank branches was announced by a tweet published by SudebanInforma, the superintendency of the Venezuelan banking sector. The message also reminded that only remote branches will remain operational, including web banking and TMJ.
The lockout arrives in a moment of prolonged monetary difficulty, with the bolivar continuing to devalue itself in a practically unstoppable way. Inflation levels are also pushing Venezuelans visibly towards digital assets. More and more workers and retirees who once hold wages and pensions they mainly convert them to BTC. In practice, cryptocurrencies, while marked by great volatility, are considered less risky than holding a currency that loses most of its purchasing power in a very short time.

Crypto transaction volumes are growing

As a demonstration of what is happening, it should be emphasized how the volumes of exchange Peer-to-Peer crypto coming from Venezuela have shown clear growth in the last few days. A data highlighted by .bitcoin.com, according to which many traders are willing to buy and sell in particular Bitcoin Cash, accepting in return not only local fiat currency, but also Petro. Just the state token could take advantage of the situation to widen its penetration.

Bitcoin in strong growth, in Venezuela

Of course, however, it is above all Bitcoin that is taking advantage of what is happening to the monetary system of Caracas. In the last three weeks, in fact, BTC would have given rise to a 44% increase in terms of tokens traded, whose number has gone from 375 to 540.
A growth that should undoubtedly continue in the coming days and strengthen, precisely in consideration of the closure of bank branches. A closure that could be the prelude to one real turning point.

Cryptocurrencies towards mass adoption in Venezuela?

If the monetary difficulties faced by Venezuelan citizens continue, many of them could turn decisively towards cryptocurrencies. Many analysts have said this by now, who base their belief not only on Maduro's latest moves, but also on the fact that the government of Caracas has given rise to a series of decisions in recent months that seem to prefigure the mass adoption of cryptocurrencies.
Just think of the decision to give a gift wallet to the students of the country, in which to keep their Petro, or to that of donate half a state token to all employees and retirees during the last Christmas holidays. Moves that seem to be made on purpose to bring about a rapid transition to the digital economy, aimed at countering the US blockade.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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