New ATM Policies in India and Venezuela Could Be Boon for Bitcoin
Venezuela has ordered severe limits on bank withdrawals less than a week after India made changes to its cash currency precipitating long lines at the nation’s ATMs. Both of these government actions have led to an increase in interest on the digital currency, Bitcoin. Venezuela’s Superintendency of Banking Sector Institutions (Sudeban) forbade public and private banks from dispensing more than US $5.26 per day cash from branches or ATMs. Sudeban allows a maximum of four transactions allowing the withdrawal of up to approximately US $5. In the midst of crisis, Venezuela’s inflation has....
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Venezuela, which operates an economy that is crumbling down in debt and hyperinflation, announced the demonetization of 100 bolivar fuerte (Bf) banknotes effective in the next 72 hours. Until the central bank releases higher denomination bills, an India-like panic is presumed to occur. Since mid-2016, the Venezuelan economy worsened, as hyperinflation continued to lessen the value of its national currency that was already virtually worthless. By September, simple products like eggs or bread were sold at US$150 to the general population which in Venezuela was equivalent to stacks of cash.....
Setting upon the same path as India, Venezuela has announced a major capital control regime. Starting on December 1, Venezuelans are only allowed to withdraw US$5 a day from financial service providers, banks, and ATMs. For years, Venezuela has been in the midst of a serious financial crisis. Low-income neighborhoods are protesting against the authorities, black market trades are being heavily regulated and even the wealthy population of the country struggle to obtain other reserve currencies and safe haven assets like the US dollars and gold. A dire financial situation has lead to....
In the past, there was only one Indian regulator that campaigned for crypto and represented the sector before the people of India. Today, that very entity will no longer exist. Authorities in India are set to disband the Blockchain and Crypto Assets Council, a move seen as a blow to the digital currency industry. In […]
Venezuela is seeing a significant increase in Bitcoin trading. In the midst of severe economic struggles, the Latin American country is seeing a surge in Bitcoin acquisition. According to figures from LocalBitcoins.com, a good metric for across-the-board buying and selling activity, trading has more than doubled over the last month. While Bitcoin remains illegal in Venezuela, desperate times call for desperate measures as citizens, seeking some refuge from hyperinflation and worsening economic conditions, flock to digital currencies rather than government money. Venezuela’s worsening....
So far, three Bitcoin exchanges have established themselves in Venezuela. SurBitcoin is by far the biggest, whereas Yabit and Cryptobuyer are relatively new on the scene. Bitcoin remains one of the most popular commodities in all of Venezuela. The country is plagued by hyperinflation, and consumers have very restricted access to financial assets. Bitcoin provides an excellent opportunity to hedge against further inflation of the Bolivar, as well as invest in the future. The month of July has been a particularly good one for Venezuela. The number of transactions per week continues to....