LocalBitcoins data shows that the weekly trading volume in Chile's fiat currency recently touched a new best high.

Cryptocurrency market information platform CoinDance shows that LocalBitcoins book in Republic of chile reached a new record of over 330 1000000 Chilean pesos in the week ending on April four.

Chile LocalBitcoins volume in Chilean Pesos

Chile LocalBitcoins volume in Chilean Pesos. Source: CoinDance

It is worth noting that these figures are also influenced by the depreciation of the Chilean peso. According to data from foreign substitution website XE,  the currency brutal by over six.45% against the dollar in the last 2 months solitary — and has lost a whopping 27% over the terminal twelvemonth.

According to cryptocurrency market data website CoinLib, Chilean cryptocurrency commutation CryptoMarket has also seen its trading volume increase significantly in contempo weeks. Daily trading volume in U.S. dollars on the platform grew by nearly 270% compared to March 30, reaching virtually $281,000.

Local residents appear to be turning to crypto as they search for an asset that can protect their savings from depreciation.

As the depreciation of its fiat currency suggests, Republic of chile is currently experiencing significant economical hardships. Bloomberg recently reported that the state's problems are further exacerbated by the ongoing COVID-19 pandemic, which forced Chile into a lockdown enforced by both police and army forces. Still, Bloomberg states that the plan is apparently working:

"Thus far, there take been only 160 recorded deaths in a nation of 18 million. At that place were 464 new infections appear Wed, compared with a pinnacle of 534 on April xvi, bringing the total to 11,296. Similar everywhere, the truthful counts are probably higher."