The Official Twitter profile of the Superintendency of the Venezuelan Banking Sector (SudebanInforma) has shared a memorandum requesting the closure of all banking activities that involve contact with the public.
– SudebanInforma (@SudebanInforma) March 15, 2020
Only remotes, including web banking and ATMs, will remain operational.
Since the country's monetary system has already been in serious trouble for a long time, due to the hyperinflation that continues to devalue the national currency, many citizens are concerned, to the extent that the volumes of cryptocurrency P2P exchanges in Venezuela have been growing strongly in the last days.
In fact, there are doubts that ATMs can continue to operate, so that a Venezuelan citizen, in response to SudebanInforma's tweet, wrote that he would not complain if the ATMs worked, allowing citizens to withdraw their money and if the cash had not been rationed.
But clearly that is not the case:
«If ATMs worked in this country, if in this country they gave us the cash we want to withdraw and it is OUR not from the banks, if in this country they did not have the CASH rationed, I would not complain, but here there is so much crazy that I I'm crazy«.
Confirmation of the increase in cryptocurrency volumes in the country comes from local.bitcoin.com, where there is many traders willing to buy and sell BCH in particular, in exchange not only for the local fiat currency but also for the state token Petro.
Even at Localbitcoins in the last three weeks, there have been an increase in the BTC traded in the country from 375 to 540, a 44% increase in just 15 days.
It is possible that, with the blockages and limitations that prevent Venezuelan citizens from using their fiat money freely, some of them are trying to use cryptocurrencies so as not to suffer limitations, apart from the possibility of connecting to the Internet.
If the emergency lasts a long time, it may be that the use of cryptocurrencies As a real alternative to fiat money, it is widely spread in the country, thanks in particular to the lesser restrictions that Venezuelans can use freely, regardless of any action the government may take in this regard.
In fact, the greater the restrictive measures on the use of money, the more useful it will be to resort to cryptocurrencies, precisely because they cannot be restricted in any technical way.