54 BTC were traded last week only using LocalBitcoin in Venezuela, a 9 BTC decrease from last week. These 54 BTC were 7,482,000,000,000 Bs. (Venezuelan currency, Bolivares ISO VES). One BTC is around 155,000,000,000 Bs. Monthly minimum wage was raised from 0.6 USD to 3.5 USD.

dfmines Cryptocurrency News May 2, 2021 | 0

Hi guys, Venezuelan living here.

LocalBitcoin drop has been steady since a few months ago, main reason is the start of Binance allowing P2P trade between cryptos and Bolivares, not only Bitcoin but BNB, BUSD, USDT, BTC and ETH.

Even that, we are leader in the LocalBitcoin usage even when compared to much bigger economies:

Venezuela: 54
Colombia: 44
Europe: 28
USA: 28
Peru: 13
Chile: 8
Argentina: 6
Brazil: 6

That is a way of sending remittances to Venezuela and also saving money if you earn Bs. (of course not if you have monthly minimum wage income).

Yesterday, goverment announced a increase the in monthly minimum wage from 1,800,000 Bs. (around 0.6 USD) to 7,000,000 Bs. (around 2.4 USD). Also there is a monthly "food bonus" in cash of 3,000,000 Bs. So total minimum monthly income is set at 10,000,000 Bs, around 3.5 USD.

https://www.reuters.com/world/americas/venezuela-raises-minimum-wage-fourth-year-hyperinflation-2021-05-01/

You cannot live with that, one NGO called CENDA states you need at least 300 USD monthly for a 5 members family to survive without any luxury.

Another NGO did a better research about the wages in Venezuela and found out the average wage of the private sector is around 70 USD monthly and the public sector is around 5 USD.

Sorry about the recent flood of Venezuelan post, I know it might be funny thinking that 1000 moons (as example) can make a difference here, but sadly is true.

Sources (PLEASE check them!!!):

Drew Brinsky video (US traveler that came here a few months ago)

https://www.youtube.com/watch?v=JJ7A8J9O-3Y

https://www.descifrado.com/2021/04/13/ovf-el-460-de-las-remuneraciones-del-sector-privado-se-pagan-en-dolares/

https://www.usefultulips.org/combined_VES_Page.html

https://www.caracaschronicles.com/

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

https://localbitcoins.com/buy-bitcoins-online/ves/

https://www.reuters.com/article/venezuela-economy/venezuela-to-introduce-1-million-bolivar-bill-as-inflation-persists-idUSL2N2L401H

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

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

Any other question AMA!