---
title: ""Peer-to-peer Bitcoin (BTC) trading has surged in Venezuela after…"
date: 2020-04-03
source: facebook
type: Archer T. Ships shared a link.
---

# "Peer-to-peer Bitcoin (BTC) trading has surged in Venezuela after…

*April 3, 2020 · Facebook*

::::: {}
::: {}
[https://cointelegraph.com/news/banking-shut-down-drives-crypto-adoption-among-venezuelans](https://cointelegraph.com/news/banking-shut-down-drives-crypto-adoption-among-venezuelans){target="_blank"}
:::

::: {}
\"Peer-to-peer Bitcoin (BTC) trading has surged in Venezuela after shutting banks amid a nationwide quarantine to fight the spread of coronavirus.\
\
On March 17, Venezuelan President Nicolas Maduro brought a country-wide quarantine to slow the spread of COVID-19. With only 33 cases of coronavirus confirmed so far, the administration hopes that the emergency measures will prevent its health system from becoming overwhelmed by a rapid increase in infections.\
\
Venezuela's national banking system has been halted "indefinitely" as part of the sudden quarantine, sparking an increase in P2P cryptocurrency trading. After a three week skid in weekly volume, Localbitcoins trade activity between BTC and the bolivar has rebounded back above \$3.4 million for the past two weeks.\
\
The economic ramifications of the coronavirus appear to be driving cryptocurrency adoption across the South American continent, with Localbitcoins volume jumping over 30% in Peru and increasing nearly 15% in Colombia over the past week. Both Peru and Colombia have closed their borders in recent days.\"
:::
:::::