Just keeping track. Last week 27 BTC were traded in Venezuela only measured using LocalBitcoin (still used here), a 1 BTC decrease from last week. This week, new monthly minimum wage will start rolling, around 28 USD monthly, old wage was 2 USD per month.

Hi guys as I always do, I'm posting the numbers of the BTC traded measured using LocalBitcoin here in Venezuela.

I'm Venezuelan living here.

One BTC is around 180,000 Bs. (Bolivares, Venezuelan currency)

There are others exchanges, with much more volume than LocalBitcoin (Like Binance) but sadly the only one that publishes the stats is LocalBitcoin.

Miners use it to exchange, also people from abroad to send remittances and also people saving their money (to avoid inflation in Bolivares) among other people. There are some places where you can pay directly with crypto (like Traki and Biomercado, among others)!

Mining is highly profitable because electricity is free (and unreliable), but it's a risky operation because you can get kidnapped, your machines seized or be victim of ramson by thugs and the goverment itself. Even, when it's not illegal!

• I remember the Venezuelan currency with a lot of zeroes, what happened? Goverment (for third time since 2008) removed 6 zeroes from the currency by law, so now 1 "current" Bolivar was 1,000,000 "old" Bs (bolivar) before OCT2021.
• Was the monthly minimum wage really 2 USD monthly? Yes, 2 USD MONTHLY! After a increase, goverment pegged it to the national "cryptocurrency" the Petro, that is, as today around 28 USD. Also you get a food bonus in cash of around 10 USD. This will will be the first with new wage. In fact, the new wage was officially set at 130 Bs. monthly (and exchange rate is 1 USD = 4.3 Bs.) that is 30 USD.
• Is that enough? No, it is not. Some NGO say a family of 5 members need AT LEAST 500 USD monthly to "live".
• What is the average wage? Some measurements puts in around 90 USD monthly. A manager could be over 200 USD monthly. That puts moons income a good chunk of money here.
• What about inflation? Slowing down, last year was only 700%, years ago it was over 1,000,000% anually.

Any question, feel free to ask!

Some sources:

https://coin.dance/volume/localbitcoins/VED/BTC

https://coin.dance/volume/localbitcoins/VED

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/