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Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare



Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare

In order to combat the coronavirus outbreak in Venezuela, President Nicolás Maduro has ordered the entire country to quarantine themselves. With an inflation rate that rises more than 10,000% per year, the country’s citizens have already been dealing with economic turmoil. Maduro has also shut down the national banking system and regional authorities banned gasoline sales. Meanwhile, peer-to-peer cryptocurrency exchanges have seen increased trading volumes stemming from Venezuela as residents search for a reliable payment system.

Also read: US Cash Crisis: Withdrawal Limits Spark Bank Run Fear

President Maduro and Sudeban Chief Shut Down Venezuela’s National Banking System Over Covid-19 Concerns

Venezuela’s economy has been suffering from hardships for a very long time now as the United Socialist Party of Venezuela and President Nicolás Maduro have devastated the country’s financial system. The Venezuelan economy was already dealing with hyperinflation well before the coronavirus outbreak caused havoc throughout the rest of the world. The Venezuelan bolivar has lost so much value, rising well over 10,000% annually, residents from the nation weigh their banknotes on scales rather than counting each bill. For comparison, the annual inflation for countries like the U.S. sees the dollar rise between 2-3% per year compared to Venezuela’s 929,790% in 2018 and 10,000,000% in 2019. Now the covid-19 scare has consumed the country’s leaders as roughly 40 residents out of a population of 33 million have tested positive for the coronavirus.

Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare
Well before Maduro shut down the national banking system, Venezuela has been suffering from hyperinflation. Rather than counting banknotes, bolivars are often weighed in stacks.

The 40 Venezuelans who have covid-19 have caused the United Socialist Party to enact numerous new laws and guidelines throughout the country. Both Antonio Morales Rodriguez, the head of Venezuela’s financial authority, and Maduro have shut down the entire national banking system in order to stop the virus spread.

On March 15, the financial regulator Sudeban sent out a circular to all the financial institutions in the Venezuelan banking sector in regard to the continuity of the online banking service during the state of emergency. Sudeban’s chief Rodriguez did not confirm when the banks could open their doors again and Venezuelans on social media showed discontent with the situation.

“If ATMs worked in this country or if we could withdraw cash I would not complain — In this country they did not have cash rationed — There is so much crazy that I’m crazy,” a Venezuelan resident tweeted in response to the banking shutdown circular.

Peer-to-Peer Crypto Trading Platforms See Increased Listings in Venezuela and Rising Trade Volumes

The recent economic events in Venezuela have caused some residents to find refuge in cryptocurrencies and peer-to-peer markets.’s local BCH marketplace,, has a variety of individuals trading bitcoin cash. There are traders with between 20-100+ successful trades who are willing to buy and sell BCH using Banco Mercantil En Linea (bank transfers) and other forms of payment. Furthermore, also added petro (PTR) as a payment method for Venezuela and the nation state-issued digital currency can be traded on the peer-to-peer platform.

Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare has a number of listings in Venezuela with people buying and selling bitcoin cash in the region regularly.’s peer-to-peer BCH marketplace is a simple, transparent and private platform to buy and sell bitcoin cash in a noncustodial fashion.

The analytical data website also shows that BTC volumes on Localbitcoins have been trending upwards every week (460-540 BTC per week) since November 2019. The increased volumes have taken place even with the latest KYC requirements and trading restrictions the marketplace has implemented. The marketplace Hodlhodl is seeing a number of Venezuelan traders as well and the platform’s listings show traders are also swapping with petro.

Maduro Orders Venezuelan Bank Closures Amid Coronavirus Scare
Localbitcoins has seen increased trade volumes since November 2019 in Venezuela and the exchange Hodlhodl has a number of listings from the country as well. (Left pic is current Hodlhodl listings and the right pic is Localbitcoins trade volume from

Citizens from Venezuela are trying to weather the economic storm but Maduro is closing everything down over the 40 residents who tested positive for covid-19. Venezuela has some of the largest oil reserves in the world but oil prices worldwide have been devastated, making matters worse. Moreover, the Venezuelan state-issued digital currency PTR is allegedly backed by these oil reserves, hence the name petro. While Maduro and the Venezuelan bureaucrats shut down the national banking sector they also banned queuing for gasoline sales. Gas stations have been systematically shut down throughout the nation causing a shortage even though Venezuela is rich with oil reserves.

Right now a great number of gas stations and businesses within the financial sector are indefinitely suspended according to authorities in the country. Sudeban’s circular written by the financial director Rodriguez explains that the new mandate includes all businesses that are involved with direct interaction with clients.

“All activities involving direct attention to customers, users and the general public through agencies, branches, offices and administrative headquarters throughout the country will be indefinitely suspended,” the esnoticia (circular) highlights.

What do you think about President Nicolás Maduro ordering a national bank shutdown in Venezuela?

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Twitter,, hodlhodl,, Fair Use, and Pixabay.

You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a Bitcoin wallet to securely store it, you can download one from us here.

Tags in this story
Antonio Morales Rodriguez, bank shut down, Banknotes, BCH, Bitcoin, bitcoin cash, Bolivar, BTC, Cash, Coronavirus, Covid-19 scare, crypto, Cryptocurrency, Digital Assets, Digital Currency, gas stations, HodlHodl, Hyperinflation, inflation, inflation rate, Liquidity, Local BCH Marketplace,, Localbitcoins Volumes, Nicolas Maduro, OIL, Oil Reserves, Petro, PTR, United Socialist Party, Venezuela

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for about the disruptive protocols emerging today.



Blockchain Technology Explained – Technology that will change How we use Money



Many computers in the bitcoin network share a digital ledger called the blockchain which records all transactions going in and out. This means that no single user may alter any transaction without the knowledge of the rest of the network, which means that the blockchain is immune to tampering. A new block can’t be inserted until all of the previous blocks have been removed.

Bitcoin’s “tokens” aren’t actual objects like bills or coins, but rather strings of code referred to as “transactions.” The cost of these transactions is determined only by the value attached to them. It’s feasible to buy anything with bitcoins that would take you weeks to order otherwise due of delays caused by bad weather or long lines at the cash registers of businesses. In hindsight, that is what blockchain is. If you’re still confused on what Blockchain technology is then don’t worry because I admit it can be hard to understand what it is.

Advent of Blockchain Technology will be Transformed – Blockchain is a relatively young technology can have a profound impact on banking. Banks, currency exchanges, and other financial organisations that conduct business online will utilise this technology, because so much of the history of money has been lost or suppressed, this will be a game-changer.

Since the popularity of Blockchain/Bitcoin is becoming incredibly popular, other industries and sectors have started to implement bitcoin payment methods into their e-commerce store, since many individuals prefer to buy goods and services using digital currency, these businesses have adapted and have accepted this payment method. It’s not just e-commerce store that are accepting bitcoin payments, even online gaming websites like accept bitcoin as a form of deposit option, therefore casual and competitive gamblers can wager and play a wide range of games using their digital currencies.

There have been many theories on the appearance and production of paper money, but none have been proven. The world has knowledge on how banknotes work and the only reason we know how they function is because every transaction is recorded in a database that anybody can access.

Since the whole creation process of money can be viewed by everyone at every stage, blockchain has the potential to revolutionise society. At the very least, you’ll have confirmation that when money is traded, it’s genuine money. Anyone with Internet connection may see every bitcoin transaction that has ever taken place.

Source: Plato Data Intelligence

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Blockchain & Infrastructure Post-Event Release



GBA addressed the eroding US dollar, coinciding with the rise of cryptocurrency during their recent Blockchain & Infrastructure event.

In August of 2021, the US Senate approved a $1 Trillion Infrastructure Bill, as part of the $3.5 Trillion Budget Bill. Language in this bill suggested that $28 Billion in funding would come from enforcing tax-reporting requirements on cryptocurrency brokers. In response, the Government Blockchain Association (GBA) partnered with a coalition of blockchain associations to present Blockchain & Infrastructure, a two-day hybrid event coupling an educational seminar with a networking reception. Aimed at educating government policymakers, Blockchain & Infrastructure addressed the impact of cryptocurrency adoption on government, along with other financial trends that are outpacing regulatory understanding. Renowned leaders in the blockchain and cryptocurrency space, such as Dr. Scott Stornetta, one of the founders of blockchain technology, and Charles Hoskinson, the Founder of Cardano and one of the original creators of Ethereum, brought their insights to the current landscape.

Streamed to over 11,000 individual IP addresses, Blockchain & Infrastructure aimed at educating governments on this movement, and those who wished to learn tuned in.

The live event, stepping into the remains of a COVID world, was attended by over 200 guests, braving pandemic uncertainties. Culminating in an evening reception at the Whittemore House, Ambassadors, a crypto billionaire, blockchain leaders, and government policymakers continued their discussions.  In this beautiful and historic mansion, deals were made, affecting the trajectory and infrastructure of the blockchain future.

As blockchain technology continues to impact all systems, the Government Blockchain Association (GBA), will provide high content events to help the public and private sectors connect, communicate, and collaborate. Join the GBA community in January 2022 for The Future of Money, Governance, & the Law; live in Washington DC, and streamed globally.

Source: Plato Data Intelligence




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Analyst Puts Bitcoin Bottom At $50,000, Here’s Why



With bitcoin rallying, all the focus has been on predicting where the price of the asset will be by the end of the year. The digital asset is undoubtedly going to enter a period where various crashes will send the price down, popularly known as a bear market. Not a lot of attention has been paid to where the price of the asset might bottom out when the market inevitably goes into another bear market.

This usually long stretch of low momentum has seen bitcoin lose 94%, 87%, and 84% of its peak value respectively in the last three bear markets. One recurring theme of the bear markets has been the diminishing percentages of total value lost. At this rate, it is expected that BTC will see between 75% and 80% loss from its peak this cycle. Market analyst Justin Bennett uses this to predict where BTC will bottom out next.

The Next Bitcoin Bottom

Bennett put the next bitcoin bottom at $50,000 after analyzing the possible price movements of the digital asset. With the current cycle, the analyst sees the price of bitcoin hitting $200,000 before the bull run is over, hence a 75% to 80% pullback in a bear market will see the bottom of the asset land around the $50,000 range.

Related Reading | Bitcoin Leads Charge Of Large Cap Altcoin Dominance In October

This bottom is solely based on the cryptocurrency hitting the price range that Bennett expects the asset to peak at by the end of the rally. If BTC does not hit this price point before the bull rally is over then we might see a BTC bottom land at a much lower price range.

BTC goes into the red ahead of Friday opening | Source: BTCUSD on

Bennett’s pullback analysis has a lot of credit given that markets are historically known to see lower pullbacks as assets mature. So the 75% to 80% mark does resonate with what the market is known to do. However, if the price of BTC falls short of Bennett’s prediction or doesn’t move the needle much from its current price point, then the BTC bottom may land in the $10,000 to $15,000 range using the pullback analysis.

The Peak Before The Fall

Bennett’s analysis did not focus solely on the crash of the digital asset. He put forward his argument for the price of BTC at $200,000 using technical analysis of the market. The analyst points to Fibonacci extensions as indicators of where the price of bitcoin may peak during this cycle.

For the Fibonacci extensions, comparisons between the 2.272 and 2.414 extensions from previous cycles have both given a target area which the asset had hit both times. Going by this, Bennett sees the asset peaking between $207,000 and $270,000 before the current cycle is over.

Related Reading | Bitcoin New All-Time Cleared, $100,000 Straight Ahead?

Moving forward, the analyst plans to use the monthly RSI to time market exits “Notice how BTC tends to end cycles when the monthly RSI reaches above 90,” Bennett says. “It’s also exhibited a double top pattern each cycle, which leads me to believe it happens again.”

Bennett plans to use a combination of net unrealized profit/loss (NUPL) and the monthly RSI to slowly exit the asset over the next couple of months.

Featured image from YouTube, chart from


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Binance Smart Chain Devs Propose Ethereum-Like Gas Fee Burning Mechanism




Developers of the Binance Smart Chain, the Binance-backed decentralized blockchain platform, have proposed applying a mechanism to burn BNB tokens based on the utilization of the network. According to the proposal, this would benefit both validators and holders due to the increase in value that the token would experience thanks to token burns. The proposal, called Binance Evolution Protocol 95 (or BEP-95), bears a striking resemblance to EIP-1559, an already implemented Ethereum proposal that also burns fees.

Binance Smart Chain Could Burn Gas Fees

Binance Smart Chain, the decentralized blockchain backed by Binance, could be implementing a gas-burning mechanism in the near future. Developers of the chain unveiled a proposal that points in that direction. The proposal, called BEP-95, would burn some of the fees that users spend to make transactions or to interact with smart contracts on the network.

Normally these fees would go to validators as rewards for securing the network. But with BEP-95, 10% of these funds would be burned depending on network activity. This percentage is subject to change, and members can change this number via community vote. According to the proposal, the goal of this new implementation would be to “speed up the BNB burning process and improve its intrinsic value by burning a portion of gas fees.”

Chasing Sustainability

Binance Smart Chain developers could be betting on this change to make BNB more sustainable. Currently, Binance conducts BNB burns that are announced on a regular basis. But the exchange only agreed to burn 100 million BNB tokens. After this number is reached, no more burns will be conducted by the exchange.

By changing the economic policy of the network, developers aim to ensure that the currency remains competitive, decreasing the amount of BNB in the market and making it more scarce. This move seems to be mimicking the proposal that Ethereum approved earlier this year, called EIP-1559, that also implemented burning a part of the fees that would normally go to miners. This new economic proposal seems to have contributed to the price growth that Ethereum has experienced since its approval.

BNB and Ethereum don’t have a max supply, so there is a common interest in keeping the issuance and supply in check to maintain price stability. The proposal is still in its initial stages, and could change before being implemented on the BSC blockchain.

What do you think about Binance Smart Chain devs proposing to burn BNB coming from gas fees? Tell us in the comments section below.


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