Bolivars are a Sanctioned Currency, but Binance Doesn’t Care

April 17, 2020 5:24 PM UTC

Venezuela, home to some of the most painful periods of inflation witnessed in modern history, has become a common case study for how cryptocurrencies can penetrate en masse through organic adoption among the world’s weakest societies. The Bolivar, the local fiat currency, has been largely sanctioned from use. This has limited many Venezuelans from using traditional means to exit their domestic currency and enter cryptocurrencies for safeguarding whatever wealth they have left. 

However, there is one company in the cryptocurrency space that has made a bustling business out of discovering loopholes in regulations. 

Binance has opened its gates to the Venezuelan Bolívar (VES). The exchange has listed VES on its P2P platform. Venezuelan users are allowed to trade bolivars with BTC, BNB, ETH, EOS, USDT, and BUSD, without charging fees. According to the exchange officials, Venezuelans users are also allowed to transfer cryptocurrency.

Venezuela has the highest P2P crypto trading volume in the Latin Americas. In fact, Venezulan P2P crypto trading even outshines that of the United States.  

Mariangel García, Marketing Manager for Binance in Latin America, said:

“We are pleased, as the Venezuelan public has been extremely receptive, we have a great community in the country, and we are delighted with the support for our P2P platform. We will continue working to make the user experience a very rewarding and safe one.” 

Crashing Economies Create a Fertile Ground for Cryptocurrency Adoption  

Venezuela is seeing rapid development in cryptocurrency products that support the growing usage of major coins in the country. 

For example, a domestic P2P exchange named Criptolago has announced SMS-based service to empower users to trade cryptocurrency without having internet access. Moreover, President Nicolas Maduro has asked financial institutions to develop a new payment platform for the fulfillment of cryptocurrency transactions. Though, his goal is to bolster Petro, a coin issued by the Maduro.

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