The bitcoin (BTC) trade has reached new records in Argentina and Venezuela. This is according to data from Coin Dance, confirmed on November 11.
Coin Dance measured trade data from Localbitcoins, a popular peer-to-peer cryptocurrency exchange, which generally saw a drop in trading volume due to the recent introduction of stricter know your customer (KYC) measures.
Last week, bitcoin trading in Argentina reached a volume of 19.4 million Argentine Pesos (ARS), an increase of 18% compared to the previous record of $ 16.4 million last week.
In Venezuela this was 143 billion Venezuelan bolivars (VES) last week, a growth of almost 20% compared to the old record from September.
However, there was no such increase in the trade volume of bitcoin itself in both countries, indicating that the value of the fiat currency is still falling in both countries.
In August bitcoin was already traded in Argentina at a premium due to the currency crisis in the country. The country recently forbade the use of credit cards to buy cryptocurrencies, which may have caused this growth.
Last week, Venezuelan President Nicolas Maduro was shown on a national TV broadcast where he showed a Trezor hardware wallet intended for the Petro, the oil-supported cryptocurrency of Venezuela.
SatoshiLabs, the developer of the Trezor Wallet, distanced themselves from this and said they had nothing to do with this wallet. President Maduro also said he wants to turn the country into a real “crypto nation”. You can watch the broadcast on YouTube below: