Sanctions
Amid the Executive Orders issued by the Treasury Department and the US Presidency itself against characters representing the administration of the Presidency of Venezuela, bitcoin transactions in Venezuela reach historical levels. Commercial volumes were never so high.
It should be remembered that bitcoin is usually used as a refuge value in times of crisis and high stress situations, especially in hyperinflationary economies such as Venezuela.
It should also be noted that CoinDance data is P2P transactions. These types of exchanges are made between bolivars and bitcoin, and vice versa, in Venezuela. Therefore, they are not supposed to be sanctioned by Trump's blockade to Maduro.
The Executive Orders dictate that no services may be provided or any type of activity with the administration of the Venezuelan Presidency, or with companies linked to this group of people, including civil and military ministers, in the US. Whoever does it, he says, will be subject to sanctions. He adds that it does not affect operations between private parties and that it has exceptions as far as humanitarian issues are concerned.
Figures
August 2019
The commercial volume of bitcoin in Venezuela has historical record.
Nearly 68K million sovereign bolivars moved into operations with the cryptocurrency, according to statistics firm CoinDance, based on Localbitcoin movements.
In Venezuela, the previous record was recorded in the week of July 20, when CoinDance accounted for 58K million bolivars. It is difficult to establish an average level, as seen with perspective, 2019 has been a year on the rise.
This last peak coincides with the fact that in Washington, President Donald Trump signed an Executive Order that blocks the operations of the administration of President Nicolás Maduro in the United States, apparently the owners of bitcoin in Venezuela took it into account.
September 2019
CoinDance, a cryptocurrency monitoring center, reported that Venezuela reached a Bitcoin marketing record of 114K million bolivars on the Localbitcoinportal until August 31.
They also noted that this represented a significant increase in the commercialization of cryptocurrency as the first week of September 2019 stood at 77K million bolivars.
It should be noted that for this September 3 the value of 1 BTC is located at 10,416 usd, equivalent to 260,400,000 bolivars.
PERSONAL ANALYSIS
Currently there are numerous formal complaints against representatives of the Venezuelan Administration, which rest in international instances such as IACHR, OAS and UN, which indicate the violation of Human Rights, Cases of corruption, money laundering, drug trafficking and terrorism financing.
Literally Venezuela has become a Terrorist Narco-State that operates with the support of the Guerrillas and Paramilitary Armies, who are protected by the Government and enjoy free transit in the National territory.
This is not a secret to anyone, nor is it a statement based on rumors. This is an affirmation that I make with all the responsibility and knowledge of the case, since I had first-hand testimonials from inhabitants of border states (Táchira and Mérida) who have lived in their own flesh and gave me statements where they claim to be victims of armed groups who daily they wander the streets of the main cities, charging “vaccine” to the merchants and cattle ranchers, in fact, they even establish “curfews” where they prohibit citizens from leaving their homes.
CONCLUSION
We could establish a relationship between this criminal condition of the Venezuelan State and the peaks in the commercialization of BTC in local markets every time new sanctions are established by the US.
The anonymity of BTC, the P2P transactions that escape the sanctions and all the large volume of capital resulting from criminal actions, form a perfect mix.
More than 90% of the Venezuelan population is poor and does not have access to crypto assets (even less to BTC) does not enjoy basic services such as electricity and drinking water, access to food is increasingly precarious while education and health They are about to collapse.
Then we can assume that the owners of these large amounts of money that are mobilized in the local markets are looking for the refuge that BTC gives them to legitimize the fortunes they have obtained as a result of the suffering of most of the population.
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