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The exchange rate of the Venezuelan bolivar, the national fiat currency of the country, has plunged 35.51% against the U.S. dollar this week as a result of various factors, reaching 8.70 bolivars per U.S. dollar. According to economists, this will cause an increase in prices in the near future, with
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For smaller merchants, who work in dollars, the only thing that matters is the U.S. currency. “For us, the bolivar is practically irrelevant. We pay suppliers in dollars, all prices are dollarized. The only payments in bolivars are basic services, such as water, electricity and telephony,” Ernesto said. Original Source
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The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost
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On April 16, major cryptocurrency exchange, Binance, announced that they are listing the Venezuelan Bolívar (VES) in their peer-to-peer trading platform against BTC, USDT, ETH, BNB, BUSD, and EOS, with no fees attached.Exchange customers can now search for local P2P merchants who have stable cryptocurrency sources and trade them for
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The volume of Venezuelan bolivars traded against Bitcoin (BTC) on the LocalBitcoins platform another all-time high last week amid rampant hyperinflation in the country.According to Bitcoin statistics website Coin Dance, bolivar volumes on peer-to-peer exchange LocalBitcoins exceeded 209 billion during the week ending Dec. 14.The new all-time high comes
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