Latin America Is The Most Interested In BTC P2P Trading: Report

Interest in cryptos and particularly about Bitcoin (BTC) in Latin America is on the rise as famous Bitcoin (BTC) Peer-to-Peer trading platform LocalBitcoins has been experiencing rises in its weekly Bitcoin (BTC) trading volume in Venezuela and Argentina as we are about to read further in today’s crypto news.

Information from CoinDance, a cryptocurrencies statistic platform, says that a spike in trading activities was present on LocalBitcoins last week in Latin America which brought an all-time spike in the weekly trading volume of Bitcoin (BTC) in the national currencies of Venezuela and Argentina. As much as 248 billion bolivars (app. $24.8 million) were traded on LocalBitcoin in Venezuela from December 15 to December 21, that is a growth of 18.46% from the amount traded in the previous week and about 20.67% more from the amount traded in the first week of December.

While the volume traded in Argentina (BTC/ARS) was not as high as that of Venezuela (BTC/VEF) the growth was enormous in comparison to the volume traded the weeks before. From December 15 to December 21, more than 32.6 million Argentine pesos (approximately $554,905) were traded on LocalBitcoin which represents a growth of 51.6% from the previous week. From the daily charts, we can see that the Peer-to-Peer trading volumes in Venezuela and Argentina started to rise steadily from the middle of the year. It could be said that the reason for this trend is the awful economic situation in the region.

Much of the Latin American countries counting here Venezuela and Argentina are suffering serious economic evils as the crash of their national currencies and food crisis, this overall societal crisis, according to experts, is expected to continue due to the structural characteristics of the sources that are the cause of it. Put that aside, Argentina is also suffering social and political problems as a consequence of the stern instruments that will be utilized to revitalize the economy of the nation. In November the Central Bank of Argentina (BCA) publicized a series of guidelines putting a monthly spending limit to $200 and also forbidding the use of credit, debit and prepaid cards for the buying of Bitcoin (BTC).

As per the recent reports, Venezuela decided to automatically convert the pensioners’ bonuses for the year into Petro. The crypto asset in question was launched in a pre-sale back in February 2018 and raised concerns among the foreign observers from the very beginning.