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  • Bitcoin transactions take place on Localbitcoins in Venezuela.
  • Petro now costs 9,000 VES up from 3,000 VES.

Venezuelans continue to find refuge in cryptocurrencies and especially the mainstream digital assets like Bitcoin (BTC). According to data released by Coin Dance, transactions in BTC in the country reached 1,284 BTC ($5.1 million). The transactions are mainly carried out on Localbitcoins, a P2P platform.

The president of Venezuela, Nicholas Maduro last week raised the minimum wage in the local fiat current, Bolivar (VES) by 150%. In addition to that, the president went ahead to devalue the Bolivar by 40% using a Dicon exchange evaluation and assessment. According to a quote published by Bloomberg, the Maduro said in regards to the change in the minimum wage:

“The arrival of Christmas is very exciting, so this corrective measure comes as a gift for large working families.”

Due to the fact that the county’s crypto, Petro is pegged to the local currency, Maduro also raised the exchange rate for the assets. At the moment, a token of the Petro is going for 9,000 VES as opposed to 3,600 VES.