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Venezuela UPDATE. 1 BTC is around 632,000,000 Bs (Bolivares). A week days ago it was 500,000,000 Bs. Monthly minimum wage was raised to around 5 USD. 638 BTC were traded last week using only LBTC (last week it was 610) which is around 363,445,000,000 Bs.

Venezuela UPDATE. 1 BTC is around 632,000,000 Bs (Bolivares). A week days ago it was 500,000,000 Bs. Monthly minimum wage was raised to around 5 USD. 638 BTC were traded last week using only LBTC (last week it was 610) which is around 363,445,000,000 Bs.

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Updating the situation here in Venezuela.

These volumes are only measured using Localbitcoin (LBTC) using their API (Coindance). Big part of that exchange come from Venezuelans that live abroad and send money to their families, miners, people that get paid in cryptos (freelancing) and even the own government. It is around 2000 BTC per month.

Minimum wage (which is earned by a big chuck of the population, not like other countries) is 250,000 Bs. wage (less than 3 USD) + 200,000 Bs. food bonus (less than 3 USD) PER MONTH. Increased from 150,000 Bs. and 150,000 Bs.

Goverment gave away a 0.5 Petro airdrop to a lot of people this week as a " free bonus", which is around 30 USD. People could change it into FIAT (Bolivares) in some POS. It has been halted because everyone changed them to FIAT and increased inflation and prices. "Fixed" price of the PETRO is 60 USD (they want a stablecoin) but in the few exchanges (tied to the government itself) it is trading under 30 USD (all the people wants to sell and noone wants to buy)

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.

Here in Venezuela situation is really hard, some people dont believe that amount is the minimum MONTHLY 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.

Sources:

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

https://www.usefultulips.org/Latin%20America_Page.html

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

Official rate (Venezuelan Central Bank http://bcv.org.ve/ ) is 67.213 Bs. per each USD.

https://dolarsatoshi.com/

AMA!

submitted by /u/WorkingLime
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