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Localbitcoins Trade Surges in Latin America and East Asia

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The peer-to-peer (P2P) markets saw a surge in trade activity this past week, with the Localbitcoins markets of five countries posting record volume. The largest spikes were concentrated in the Latin American and Asian regions, however, the United States also posted its strongest monthly P2P volume since April 2018.

Also Read: Nasdaq Stock Exchange to Start Offering BTC and ETH Indices

Indonesian P2P Volume Increases by More Than 10x in One Week

Localbitcoins trade between the Indonesian rupiah (IDR) and BTC saw a dramatic spike in activity this past week, with volume increasing from 10 BTC during the week of Feb. 2 to 102 BTC during the week of Feb. 9.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in fiat currency, this past week saw more than 4.5 billion IDR (approximately $364,600) worth of BTC changing hands. The week of Feb. 9 comprised the strongest week of Indonesian Localbitcoins trade on record when measured in both fiat and cryptocurrency.

Localbitcoins Trade Surges in Latin America and East Asia

South Korean P2P Trade Activity up 125%

Localbitcoins trade between the South Korean won (KRW) and BTC posted a new all-time high for trade volume this past week, with 132.33 million KRW worth of cryptocurrency (nearly 3.16 million) changing hands.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in cryptocurrency, South Korean Localbitcoins more than doubled this past week, up from 15 BTC during the week of Feb. 2 to 34 BTC. The week of Feb. 9 comprised the fourth strongest on record when measured in BTC.

Localbitcoins Trade Surges in Latin America and East Asia

Latin American Localbitcoins Markets Break Volume Records

The P2P markets of Latin America saw a dramatic spike in volume this past week, with several countries posting all-time high trade activity.

Localbitcoins trade between Peruvian sol (PEN) and BTC posted record volume when measured in both fiat and cryptocurrency, with 303 BTC or 3.56 million PEN (approximately 1.06 million) worth of trade taking place.

Localbitcoins Trade Surges in Latin America and East Asia

When measured in cryptocurrency, the week of Feb. 9 saw record trade between Colombian pesos (COP) and BTC on Localbitcoins, with 760 BTC changing hands. When measured in fiat currency, the week comprised the fifth strongest on record, with 7.63 billion COP (approximately $2.43 million).

Localbitcoins Trade Surges in Latin America and East Asia

Venezuela posted record volume when measured in both fiat and cryptocurrency for the second consecutive week, with 2,485 or 24.34 billion Venezuelan bolivares (approximately $8.90 million) worth of trade taking place.

Localbitcoins Trade Surges in Latin America and East Asia

Localbitcoins trade between Argentine pesos (ARS) and BTC posted its second strongest seven days of trade when measured in fiat currency this past week, with 8.43 million ARS (approximately $220,780) or 62 BTC worth of trade.

Localbitcoins Trade Surges in Latin America and East Asia

Do you think that the spike in P2P volume is a sign of improving or deteriorating market sentiment? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


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Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence

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As Venezuela begins regulating cryptocurrency, BTC trading volumes in the country hit record highs on several exchanges. Amid fast-growing crypto adoption, peer-to-peer trading platforms such as Localbitcoins and Paxful have reported significant increases in the number of BTC traded in Venezuela.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Record BTC Trading Volumes

Peer-to-peer (P2P) markets that trade cryptocurrencies in Venezuela have recently been showing record volumes. On Localbitcoins, BTC to bolivar trading volume has been growing steadily, with 2,485 coins traded in the week ending Feb. 9, up from 2,004 coins the previous week.

Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence

Another P2P platform, Paxful, is reporting similar growth. The company told news.Bitcoin.com on Tuesday that BTC trading volume for Venezuela on its platform increased by 74.66 percent in 2018 compared to the previous year, taking into account only successful trades. In addition, the number of trades increased by 118 percent in the same time period, averaging 61,534 transactions monthly.

The platform has 40,309 users in Latin America, 8,817 of which are in Venezuela. There are currently 1,123 active users in the country, with most of them located in the capital city of Caracas, the company revealed. Additionally, Venezuela now accounts for more traffic to Paxful’s website than any other country, at 36.99 percent.

Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence

Crypto Adoption Accelerating

“Adoption is [growing] really fast” in Venezuela, Indian crypto exchange Instashift with a presence in Venezuela told news.Bitcoin.com on Tuesday. The exchange reported seeing strong demand for BTC in Venezuela earlier this year, ahead of the other 44 countries it also operates in. Marketing officer Jacob Mani elaborated that “People know about cryptocurrency and are very much aware about the developments in the crypto space. Moreover, Venezuelans are very courteous and welcoming about new ideas and possibilities that they have got.” He also noted that “Big stores like Traki are accepting bitcoin.”

Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence

Crypto Regulations Enter Into Force

The government of Nicolas Maduro recently began regulating the cryptocurrency industry. The decree enacting the country’s crypto regulations containing 63 articles was published in Official Gazette 41.575 at the end of January.

It establishes a comprehensive set of rules for all crypto-related activities in the country and installs the National Superintendency of Crypto Assets and Related Activities (Sunacrip) as the main regulator of the crypto space. The powers given to Sunacrip include the ability to audit all crypto businesses, to set the prices of cryptocurrencies in bolivars, and to legally confiscate mining equipment. In addition, the regulator is building a database of all crypto service providers in the country.

On Feb. 8, Sunacrip further announced that it is now regulating remittances made using cryptocurrencies. The regulator has set a monthly limit and will be collecting commissions of up to 15 percent of the transaction amount.

What do you think of BTC trading volumes hitting record highs in Venezuela? Let us know in the comments section below.


Images courtesy of Shutterstock and Coin.dance.


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The post Venezuela’s BTC Trading Volumes Hit Record Highs as Crypto Regulations Commence appeared first on Bitcoin News.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

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On Sunday, Feb. 10, the creators of the charitable organization Eatbch, a nonprofit food drive powered by bitcoin cash, celebrated its one-year anniversary. Eatbch has come along way since its inception feeding Venezuelans thousands of meals alongside branching out to other less fortunate regions like South Sudan.

Also read: BCH Avalanche Transactions Show Finality Speeds 10x Faster Than Ethereum

Eatbch Celebrates One Year of Helping People in Need

This week the nonprofit Eatbch is celebrating its one-year anniversary after two individuals started the charity with just a $5 donation. With this small fraction of bitcoin cash, the organization managed to give 40 arepas (a type of food made of ground maize dough or cooked flour) in just one location and the group realized the potential of this type of charity.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country,” explained José the cofounder of Eatbch Venezuela. Even though the funds have helped Venezuelans a great deal, José detailed that the economic situation in the country has not improved.

“A few days ago, the Venezuelan-Colombian crossing was blocked to avoid tons of aid from entering to the country — And the Venezuelan people highly need this. Inflation has skyrocketed to unseen levels, as high as 2,500,000 percent,” José emphasized while discussing the one-year anniversary.

The Eatbch cofounder added:

According to many economists worldwide, it will reach 10,000,000 percent at the end of the year and the level of uncertainty and fear we feel right now is unimaginable — For most of the people who receive hot meals each week, we are their only guaranteed meal that they can count on.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

Crypto’s Utility Phase Emerging

In addition to helping people in Venezuela, the operation also branched off into South Sudan back in the summer of 2018. The region also has one of the highest inflation rates in the world and the citizens of South Sudan have been dealing with economic turmoil and a lack of daily nourishment.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

“[Eatbch South Sudan] has been doing an amazing job providing meals for thousands for people who have been escaping the ongoing war,” José remarked. Last year, the group also caught the attention of the CEO of Coinbase, Brian Armstrong, who believes cryptocurrencies can give people in need economic freedom.

“In terms of crypto helping people (the utility phase emerging) this is pretty awesome,” Armstrong stated at the time.

Venezuelan Nonprofit Eatbch Celebrates First Anniversary Amidst Hyperinflation

José further detailed how the cofounders first started the nonprofit and debated on how Eatbch would operate. Many people asked the group to accept several different cryptocurrencies but the charity decided to accept just one. “Bitcoin Cash was and still is, the best cryptocurrency for us — It has the lowest fees, ensuring that we won’t lose your donations because of transaction costs,” José’s anniversary blog post emphasized.

The cofounder noted:

[Bitcoin cash] has widespread exchange support and it’s also easy to use, so we could convince merchants to accept BCH.

After finishing a year of good deeds, the Eatbch team said they are very thankful for the BCH community and all the volunteers who have helped them. Because of this growth and excitement, José said the nonprofit has gained attention from the mainstream press. The cofounder concluded that this attention is of no surprise to him because the community has impacted the lives of thousands of Venezuelans. “I thank you all deeply from the bottom of my heart for all your help and support,” the charity’s creator finished.

What do you think about the nonprofit Eatbch and its one-year anniversary? Do you think cryptocurrencies can empower global citizens suffering from economic turmoil? Let us know what you think about this subject in the comments section below.


Image credits: Eatbch, Shutterstock, and Pixabay. 


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In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

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In this edition of The Daily we feature the first yearly anniversary of Bitcoin Cash (BCH) charity Eatbch, a move by American lighting wholesaler H&M Distributors to accept cryptocurrency payments, and an update about vanity URLs from Atomicpay.

Also Read: In the Daily: Regulatory Developments in Italy, Mauritius, Malta

Eatbch Charity Marks First Anniversary

The bitcoin cash-powered nonprofit organization Eatbch has now marked its first anniversary. The young charity group already has operations in both Venezuela and South Sudan, where it is utilizing BCH donations to feed people in need.

José from Eatbch shared on Honest.Cash, “Exactly one year ago, my brother Gabriel and I created this initiative/project to help Venezuelans in dire need and it has been quite a ride! We started with just a 5$ donation thanks to silver-blood and we used that first donation to give 40 arepas in just one location. After a few months, we were giving thousands of meals each week in 23 locations in 6 states of the country! I know it’s cliché to say it, but I really wasn’t expecting this project to grow as it did. Not only because the amazing support we have received from the BCH community, but because the situation in the country; a situation that has been overwhelming for all of us.”

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs
Empty supermarket shelves in Caracas. Due to the economic crisis and hyperinflation in Venezuela there is a large shortage of food and medicine

The charity’s founder also added that “Sadly, the price crash has affected our funds and we only have enough to help for a couple weeks. It is in this special occasion, that I ask you to please consider donating to help all who have been suffering from bad economic policies and to show that cryptocurrencies are a superior form of money.”

H&M Distributors to Accept Cryptocurrency Payments

H&M Distributors, Inc., a U.S.-based wholesaler of lighting supplies, announced that it has decided to accept payments from its business clients using cryptocurrency. This will be done through a new partnership with crypto e-commerce platform Chimpion, which supports payments with bitcoin cash (BCH), bitcoin diamond (BCD), bitcoin core (BTC), dash (DASH), ethereum (ETH), litecoin (LTC), zcoin (XZC), and more. The move is meant to allow retailers from around the world to purchase products from the American wholesaler with faster transactions, reduced transaction fees and no currency conversion fees compared to traditional fiat payment methods.

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

“After more than 20 years in the business, we consider ourselves experts in specialty lighting,” said H&M Distributors CEO Herb Needham. “Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”

New Vanity URL Service by Atomicpay

Atomicpay, a Thai-registered payments startup, has announced that its Pay URL vanity URL service will be changed from atomicpay.io/u/username to the shorter and more memorable format of atomicpay.me/username. The vanity URL service is meant to allow end users to quickly find how to pay with cryptocurrencies and allows merchants to request payments via text message, messaging app, social media, email and even printed business cards.

In the Daily: BCH Charity Anniversary, Lighting Wholesaler Takes Crypto, Atomicpay Vanity URLs

As we previously detailed, Atomicpay is a platform based on QR code payments built for merchants that want to get paid directly from clients without the involvement of any third-party processor. The company reported in January that more than 1,700 merchants from different parts of the world including Thailand, Venezuela, Turkey and Colombia have been onboarded to the non-custodial platform. The system supports BCH, BTC, LTC and other popular cryptocurrencies as well as 156 fiat currencies.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


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Venezuela Starts Regulating Cryptocurrency Remittances

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The Venezuelan government has begun regulating cryptocurrency remittances. The regulator has set a monthly limit and will be collecting commissions of up to 15 percent of the transaction amount. Additionally, new details of its comprehensive registry of crypto service providers have been announced.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Regulating Crypto Remittances

The National Superintendency of Crypto Assets and Related Activities (Sunacrip), the regulator of all crypto activities in Venezuela, announced on Friday that the new regulation for remittances using cryptocurrencies has entered into force. The decree enacting this regulation was published in the country’s Official Gazette No. 41.581.

Venezuela Starts Regulating Cryptocurrency Remittances

The decree establishes “the requirements and procedures for the sending and receiving of remittances in crypto assets to natural persons in the territory of the Bolivarian Republic of Venezuela,” Sunacrip explained.

According to the decree:

The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance.

The minimum commission Sunacrip charges is “equivalent to 0.25 euros [~$0.28] per transaction,” the gazette reads.

According to the text of the regulation, Sunacrip now has the power to establish the remittance limits, set values of cryptocurrencies in sovereign bolivars, specify tariffs, and request data from the issuers and receivers involved in the transactions, local news outlet Criptonoticias reported.

The monthly limit for sending remittances is equivalent to 10 petros (PTR), Venezuela’s national currency that the government claims to be a cryptocurrency backed by oil, gold, diamond and other natural resources. “This cap translates into US $600 per month, according to the quote set for the PTR. Any amount that exceeds this limit will require the Sunacrip endorsement, which will authorize up to a maximum of 50 PTR ($3,000),” the publication elaborated.

Venezuela Starts Regulating Cryptocurrency Remittances

Following Sunacrip’s announcement, some people took to Twitter to voice their opinions about the new rules. One user commented that these rules are “the most absurd thing I’ve seen.” Another user tweeted, “An absurd regulatory framework. Instead of promoting the adoption of crypto assets, [they] are trying to centralize something that its genesis is the opposite.”

Crypto Service Registry

Following the initial enforcement of crypto regulation in Venezuela on Jan. 31 with the publication of Official Gazette Number 41.575, the government has proceeded to enact rules specific to the cryptocurrency service registry.

The Superintendent of Sunacrip, Ramirez Joselit, announced on Feb. 5 that the regulation for the “Integral Registry of Services in Crypto Assets [Risec]” has entered into force with its publication in Official Gazette Number 41.578.

Venezuela Starts Regulating Cryptocurrency Remittances

The Ministry of Popular Power for Communication and Information explained that “Natural, legal, public and private persons, communal councils and other organizations of the People’s Power that intend to carry out activities related to the Integral System of Crypto Assets may be registered.”

According to the decree, Sunacrip is in charge of Risec “which will systematize the information related to the identity and other recurrent data of the user of the Integral System of Crypto Assets and related activities.” The regulator will designate a unit “responsible for the control, monitoring and verification of updating of the data contained in the Risec.”

What do you think of Venezuela regulating crypto remittances and keeping a registry of crypto service providers? Let us know in the comments section below.


Images courtesy of Shutterstock and the Venezuelan government.


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