##Venezuela shuts down banks amid panic, Bitcoin trading soars

Visit – https://play.google.com/store/apps/details?id=com.freecryptosignals.app

Visit – https://cryptobotauto.com

For more latest news update On Cryptocurrency,Free Crypto Signals & Bitcoin Binance automated trading BOT visit above given Telegram

Venezuela is under a nationwide quarantine to fight the spread of coronavirus, shutting down all banks. At the same time, Bitcoin trading on p2p exchanges is on the rise.

Venezuela has enacted a nationwide quarantine to fight the coronavirus pandemic

As a result, every bank in the country has now closed

Meanwhile, Bitcoin trading volume on P2P exchanges has increased over the last two weeks.

Despite only having 33 cases of coronavirus throughout Venezuela, President Nicolas Maduro today placed the entire country under quarantine to prevent the spread of the deadly virus.

And in compliance with Maduro’s decree, the entire national banking system has shut its doors for an indefinite period of time. Meanwhile, Bitcoin trading within Venezuela appears to be on the rise.

Antonio Morales Rodriguez, head of the SUDEBAN—the highest regulatory body for all banking activity in Venezuela—issued a letter addressed to the nation’s banks earlier this week, urging them to close their doors with no clear date of return to normalcy:

News of the bank closures, however, appears to have been mostly shrugged off by the Venezuelan public. Cash shortages, a dependence on the US dollar, and a wanting technological infrastructure have led Venezuelans to dispense with traditional banking services. For years, an informal economy in Venezuela has thrived, with most people sticking to cash (when available), barter, gold (in the southern regions of the country), and crypto (among a small but growing segment of the population).

In fact, Bitcoin trading volume on the peer-to-peer exchange LocalBitcoins is currently experiencing its biggest surge of the year. At the end of February, volume stood at around 491 BTC. By last week, that figure had increased to 540 BTC. That trumps the volume of Bitcoin traded in US dollars on the same platform, which closed the week at 479 BTC.