6,932,309,904,123 bolivares were traded in LocalBitcoin Venezuela during past week, which equals to 529 BTC. Exchange rate is around 2,500,000 Bs. per USD. Minimum monthly wage is 2,550,000 Bs. around 1 USD per month.

Hello, Venezuelan living in Venezuela.

Just posting the updated number for this week.


See my older posts to see the full context, any question AMA.

I just want to explain something I saw in older posts, some people say that the exchange rate is around 80,000 Bs. per USD. That is the fixed rate SET by the government, no one sells at that rate, only the government does and it's limited, they sell only around 1millon USD each two weeks which of course is NOT enough to supply the country demand.

So there is a black market / street market that works with supply and demand. Anyway, if we use the exchange rate set by the government minimum wage would be around 32 USD per month (2,550,000 / 80,000)

One kilo of meat is around 5,000,000 Bs. so using street rate that is around 2 USD using government fixed rate that is 62.5 USD, which one makes more sense?

submitted by /u/WorkingLime
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