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The exchange is also enjoying explosive growth in Nigeria, Ghana and Kenya. People living in Venezuela suffer from extreme inflation and general economic instability.

Peer-to-peer activity continues to be most dominant in Venezuela, where it is used to skirt government restrictions and obtain foreign fiats. Subscribe to , Subscribe. Bitcoin adoption in nations with currency inflation, as measured by P2P volume.

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2. President Maduro Forces Venezuelan Banks to Accept Dubious Petro Cryptocurrency.
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4. Bypassing government economic control.
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Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. Thomas Meyer Mar 29, It comes at a time when tensions are reaching boiling point, with the country in the midst of the Western Hemisphere's worst humanitarian crisis in recent memory.

Why are Venezuelans seeking refuge in crypto-currencies?

In the last week, the amount of Bitcoin traded in the oil-rich, but cash-poor, country has soared by 30 percent to 2, bitcoins, according to crypto data tracker Coin Dance. The dramatic spike in weekly bitcoin trading volumes through to February 11 appears to show residents in Venezuela are opting to hold the world's most popular cryptocurrency instead of their own national currency as a store of value.

Peer-to-peer trading volumes for Bitcoin have risen sharply in recent weeks, with the bolivar currency rendered practically worthless amid soaring hyperinflation. Venezuela has been plagued by crippling inflation and a critical shortage of food products , among other economic troubles.

Maduro is likely forcing the adoption of the petro as a unit of account in order to attempt to ease the crisis that has been ongoing for several years. The petro was launched more than six months ago, but it has not received much attention since then. Speaking in a televised address, Maduro explained that "as of next Monday, Venezuela will have a second accounting unit based on the price, the value of he petro. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs.

Will Dollarization Kill Bitcoin Trading in Venezuela?

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