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Data from Coin Dance, which tracks trading activity on P2P exchanges Localbitcoins, Paxful and Bisq, confirmed the seven days to July The Paxful exchange cited “regulations and sanctions related to the OFAC” as its reasons for shutting shop in Venezuela. What I like best about localbitcoins is the ease of buying and selling in large numbers of payment methods and currencies from more than countries, so it is. CAN I BUY CRYPTOCURRENCY

Local Bitcoin trading in Venezuela, which leads the Latin American region in terms of volume, has now become more difficult. Screenshot of the email sent by Paxful to one of its Venezuelan customers. As a result, although trading is not entirely prohibited for Venezuelans, crypto traders in the country must verify their identities to prove that they are not individuals who will "threaten international stabilization efforts.

The decision took traders and crypto enthusiasts in Venezuela by surprise, as payments through the Bank of Venezuela have been allowed for years despite sanctions being in place. Como estamos regulados en Estados Unidos debemos cumplir con las sanciones de esta oficina.

In fact, LocalBitcoins accounts for the vast majority of Bitcoin trading volume in Venezuela, far outpacing Paxful, according to data from metrics site Useful Tulips. Trading volume on Paxful, however, has been gaining in other parts of the world , such as India. Why is Bitcoin Use Surging in Venezuela? Its economy is now in freefall and its money is broken.

For at least some Venezuelans, Bitcoin represents a potential financial lifeline, not merely a speculative investment. As of a couple of weeks ago, according to Professor Steve Hanke of Johns Hopkins University, Venezuela's annual inflation rate was an astonishing 36, percent.

How Do Venezuelans Purchase Bitcoin? The Venezuelan government shut down two cryptocurrency exchanges in April, freezing over a thousand bank accounts in the process. Since May, Venezuelans have doubled their LocalBitcoins trading volume, setting a new platform record nearly every week.

Another cryptocurrency exchange founded by Venezuelans, Cryptobuyer, set up cryptocurrency ATMs at banks in Panama, so Venezuelan ex-pats could, among other things, transfer cryptocurrencies to their relatives. The brokerage claims over 10, registered users, a black-market exchange rate and lower commission fees than banks.

Citing scalability issues, however, Cryptobuyer claimed to drop Bitcoin for a time in favor of Dash and Litecoin. It now appears to offer all three. On rare occasions, a Venezuelan merchant might accept direct payments of Bitcoin for its goods or services. In the entire country, however, only about businesses currently do so. A Venezuelan will typically hold his or her Bitcoins in an account, find a low-volume trader who will exchange bolivars for Bitcoin, then try to spend those bolivars quickly before they lose too much value.

Point-of-sale terminals often do not work, bolivars are physically scarce, and prices can change by the hour or day.

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