Venezuela Closes Banks Amidst Coronavirus Pandemic, Citizens Turn to Cryptocurrency

The Venzuelan government has taken the bold move to shut down all banks in the country in a desperate attempt to control the spread of coronavirus. Recent data indicate rapid upward movements in the volume of Peer-to-peer trading of cryptocurrency within the country as citizens try to remain liquid during the coronavirus pandemic.

The shutting down of the Venezuelan financial system is a direct trigger to the upward growth in the use of cryptocurrency in the country. Venezuellan President Nicolus Maduro previously introduced a government backed cryptocurrency, the Pretro which didn’t gain much support from the population. However with all banks closed Venezueallans are embracing cryptocurrencies like Bitcoin and Petro to gain popularity within the country.

Bank Closure to Trigger a Surge…