RATE Group | Banks Shut Down in Venezuela – P2P Bitcoin Trading Surges
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Banks Shut Down in Venezuela – P2P Bitcoin Trading Surges

19 Mar Banks Shut Down in Venezuela – P2P Bitcoin Trading Surges

Posted at 15:28h in Bitcoin News by

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Venezuela’s financial sector has been shut down due to government reaction of the current COVID-19 outbreak which has 33 cases have been reported so far. As a result, Peer to Peer (P2P) trading of Bitcoin has exploded in the country according to LocalBitcoins volume in Venezuela from Coindance. 

According to a news report out of Venezuela, a spokesperson from La Superintendencia de Instituciones del Sector Bancario (Sudeban) indicated that only a minimum staff will be enabled to maintain the operation of electronic banking.

“The minimum personnel required for the operation and optimal use of ATMs, internet banking, interbank mobile payment, points of sale and any other form of online banking services will be enabled.”

“…the activities of the financial sector will be suspended until further notice, in the midst of the Alert State that Venezuela is going through, as a result of the arrival of the coronavirus.” 

Venezuela is already in a…

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