0
📰 News
63 views

Venezuela Turns to Dash While Facing Major Economic Crisis

  • Alex Dovbnya
    📰 News

    With stacks of cash being needed to buy basic goods, Venezuela starts rapidly adopting Dash because of its low fees, stability and almost instantaneous transactions

Venezuela Turns to Dash While Facing Major Economic Crisis

While socialist Venezuela keeps falling apart with the bolivar being devalued by 95 percent, the country gets increasingly interested in cryptocurrencies. Dash, the world’s 14th biggest cryptocurrency, has seen a massive spike in local wallet downloads and merchant adoption.  

👉MUST READ

Dash Teams Up With Largest American Crypto ATM Network CoinFlip

Dash Teams Up With Largest American Crypto ATM Network CoinFlip

The ongoing economic disaster

Venezuela is expected to hit mammoth-size inflation levels by the end of 2018 (almost 1 million  percent).

As U.Today has recently reported, Venezuela started issuing ‘sovereign bolivar’ pegged to Pedro, a new government-backed cryptocurrency, in order to slow down the astronomical downfall of the country’s economy.

With restricted money withdrawals and huge amounts of cash needed to buy basic goods, people have lost faith in fiat money. That’s why they choose crypto.

Dash poses as a solution

A socialist nightmare in Venezuela turns local residents to a big-name currency — Dash. Dash CEO Ryan Taylor claims that poverty-stricken Venezuela becomes the currency’s second largest market, elbowing out such heavyweight competitors like Russia and China.

Apart from an increasing number of wallet downloads, Dash is also witnessing a rapid adoption by local retailers who ditch the tanking national currency. According to Taylor, more than 800 merchants in Venezuela (including major brands in the likes of Calvin Klein) already accept Dash as one available payment means.

Why not Bitcoin?

Dash becomes increasingly attractive for Venezuelans because of its emphasis and fast transactions and small fees. It appears as a much cheaper solution than Bitcoin transactions. Another reason for the quick adoption is the Core Group funds. As Business Insider reports, the company has already invested more than $ one mln in Venezuela.

Dash CEO claims that the volatility of the cryptocurrency doesn’t come even close to the plummeting value of the Venezuelan bolivar.

👉MUST READ

Dash Crypto Integrates with Paycent to Offer Instant Liquidy

Dash Crypto Integrates with Paycent to Offer Instant Liquidy

Cover image via u.today
In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings