Venezuela UPDATE. 1 BTC is around 315,000,000 Bs (Bolivares). A month ago it was 265,000,000 Bs. Monthly minimum wage is around 3 USD. 781 BTC were traded last week using LBTC (ATH since June) which is around 248,020,000,000 Bs. (ATH) AMA. : Bitcoin

Updating the situation here in Venezuela.

These volumes are only measured using Localbitcoin (LBTC), the weekly trade increased this week over 100 BTC (last weeks was around 672 BTC per week).

Minimum wage (which is earned by a big chuck of the population, not like other countries) is 150.000 Bs. wage (3 USD) + 150.000 Bs. food bonus (3 USD) PER MONTH.

Goverment gave away a 0.5 Petro airdrop to a lot of people this week as a “bonus”, which is around 30 USD.

Biggest bank note is 50,000 Bs. which is around 1 USD. You need to use debit and credit, bank transfer, cryptos and USD to pay anything.

This after 5 zeroes were shaved from the currency less than a year ago and 3 zeroes more 12 years ago. So that banknote would be 5,000,000,000,000 Bs.

Here in Venezuela situation is really hard, some people dont believe that amount is the minimum wage. I work and earn more than that (anyway, the amount is really low, I’m sure with that amount I would be living homeless in Colombia, Peru or Panama for example), usually get some donations from redditors and do some freelancing work (translating mostly) and it is really hard to keep up daily.

There is a department store (Maybe like Walmart?) that officially accepts cryptos as a way of payment https://www.diariobitcoin.com/index.php/2019/04/29/traki-la-tienda-por-departamento-venezolana-cuenta-por-que-acepta-criptomonedas/

Here you can see:

https://www.diariobitcoin.com/wp-content/uploads/2019/04/image-2019-04-26-2.jpg

(POS is by Cryptobuyer pay)

Sources:

https://coin.dance/volume/localbitcoins/VES/BTC

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 45.553 Bs. per each USD.

https://dolarsatoshi.com/

AMA!

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