Venezuela Adopting Cryptocurrency As Hyperinflation Hits Hard, Other Latin Americans Also Interested

As Venezuela’s economy keeps nose-diving and getting worse by the day, citizens and merchants are beginning to see cryptocurrency as an easy out of what is the fiercest economic showdown ever witnessed by the Latin American nation. Decentralized cryptocurrency, Dash is making the wave in the country as citizens are adopting it.
Venezuela has been affected by the steady hands of a lousy economy, which has been progressively deteriorating for years. In 2015, Venezuela witnessed what was the highest inflation was ever seen in the world, and of course, in the history of the country. The International Monetary Fund (IMF) recently warned that the hyperinflation might go as high as 1,000,000%. The government thus has put different measures in place to salvage the already worst state of the economy, ranging from rolling out new banknotes that lop off five zeros off its present currency (simply devaluing their money, Bolivar, by 95%), as well as restricting it to cryptocurrency that has been approved by them.
The citizenry, who does not feel rest assured by these measures, has however sought solutions by eyeing cryptocurrency. Dash, a non-back cryptocurrency has witnessed a massive surge by Venezuelans. According to CEO of Dash Core Group, Ryan Taylor, their team can confirm that they get a download of tens of thousands of their e-wallet on a monthly basis.
“We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now”, he said while in an interview of recent.
He explained further that not only have individuals preferred them, brands like Subway and Calvin Klein has traded with them. According to him, ‘Venezuela is unique as it’s the only country in the world with what can be called hyperinflation.’
The reasons Dash has been Venezuela’s savior is not far-fetched. Its transaction fees are in pennies, unlike the fairly high cost of transactions which Bitcoin is known for. Unlike other Cryptos that take time to confirm payment, Dash takes a few seconds. The most intriguing factor that makes Dash a go-to might be the fact that it has Core Group giving it backing, helping it run its network, as well as sourcing for more funds, unlike other crypto-assets.
According to Taylor, the Core Group looks to conquer Venezuela fully, before looking abroad. Venezuela might be the worst of all economies, but it is not the only country witnessing inflation, as countries like Turkey, Ukraine, and Argentina where inflation is about 20-30%, which to him, is enough to ‘get people to try something new.’
Cryptocurrency startup, Riplo can also boast of getting interested from neighboring Latin Americans. According to their team, people now believe that crypto has come to stay to change the statuesque. In a recent poll of about 890 Argentines, more than a quarter are thumbing up to digital assets.

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