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Bitcoin [BTC] trading volumes hit record high in the crumbling economy of Venezuela

Akash Anand

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Bitcoin [BTC] trading volumes hit record high in the crumbling economy of Venezuela
Source: Pixabay

Venezuela and the world of cryptocurrencies together have been in the news constantly for the past couple of months due to multiple decisions and forays into the field. With the advent of Petro and the sovereign bolivar in the country, the government has taken radical steps to change regulations and rules surrounding cryptocurrencies.

The growing demand for cryptocurrencies in the crumbling economy was evidenced recently when Bitcoin [BTC] trading volumes hit a record high in the country. This information comes on the back of reports that stated that Sunacrip, the official cryptocurrency regulatory body in Venezuela, will start cryptocurrency taxation and remittances. On a local platform, it was calculated that 2,485 BTC were transferred during the last week while the previous week saw the transaction of 2004 BTC.

Other portals have also said that many citizens like the concept of cryptocurrencies and see it as a way to fix the economy in shambles. Venezuela is also in the middle of political controversy, one that involves incumbent President Nicolas Maduro and the US, Canada approved Juan Guido. Maduro was one of the mean reasons for the establishment of Petro and the Sovereign Bolivar.

The aforementioned Sunacrip, which controls the crypto regulations in Venezuela had also created a ripple recently when it announced 63 new decrees to decide the future of cryptocurrencies in the country. Ramirez Joselit, the Superintendent of Sunacrip had said:



“Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575.”

The decrees have also been split into different articles that will entail certain aspects of cryptocurrency regulations. According to article 3:

“The scope of application of this constituent decree [covers] goods, services, values or activities related to the constitution, issuance, organization, operation and use of [the] national crypto assets and [other] crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other activities that are connected.”

Sunacrip also commented:

“[Sunacrip] will exercise the broadest powers within the legal and constitutional framework, to regulate the creation, issuance, organization, operation, and use of crypto assets, and consequently, to regulate the operation of the exchange houses and other crypto asset financial services, as well as activities associated with digital mining.





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Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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