Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Venezuelans continue to adopt digital currencies as the government attempts to rein in hyperinflation. Crypto facilities extends its list of futures products to include Litecoin.
Venezuelans continue to purchase bitcoin as the country struggles with hyperinflation. The government's inability to stabilize the Bolivar has pushed citizens towards digital currencies. According to LocalBitcoins, trading volumes in the country have fluctuated between 400 to 500 BTC per week.
Litecoin futures will begin trading on the UK-Based platform, extending its list of futures products. Charlie Lee supported the addition, stating futures will open the market for institutional investors and increase the liquidity of the coin.
The Financial Services Agency ordered six exchanges to improve their operations, including bitFlyer and Quoine. The agency had raided their offices to acquire information about their controls, processes, and security.
The Ministry of Science and ICT will allocate US$9 million to piloting blockchain initiatives. The government agencies will lead the effort with other government agencies to implement blockchain pilots in the country.
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