Dash —an open source peer-to-peer cryptocurrency and decentralized autonomous organization — is reportedly seeing increased adoption in Venezuela, a country currently in the throes of hyperinflation and a rapidly deteriorating economy.
Venezuelan Socialist President Nicolás Maduro has taken measures to salvage the economic situation in the country, including devaluing the bolívar by 95 percent last weekend and tying it to the state-issued cryptocurrency, petro.
Nevertheless, inflation is expected to reach upwards of 1,000,000 percent in 2018 — and Venezuelans are increasingly turning to cryptocurrency.
Dashing Ahead Despite Slowing Down
Ryan Taylor, the CEO of the Dash Core Group, told Business Insider:
We are seeing tens of thousands of wallet downloads from the country each month. Earlier this year, Venezuela became our No. 2 market, even ahead of China and Russia, which are, of course, huge into cryptocurrency right now.
Dash (DASH) has had an especially rough 2018, losing more value than the vast majority of major cryptocurrency market players. At the time of this writing, Dash is trading at $138.88 per coin — down from an all-time high of approximately $1642 in December 2017.
Nevertheless, Dash is reportedly an effective alternative to fiat currencies in Venezuela, as the bolívar spirals into worthlessness. It boasts near instantaneous transaction times and low fees, and — despite the loss in value — holds its value better than the bolívar. As such, both individuals and merchants are turning to Dash.
Increased Merchant Adoption
Merchants have also reportedly been signing up to accept Dash at an increasing rate, despite the Venezuelan government’s best efforts to stabilize the economy and promote its own controversial state-issued cryptocurrency. Taylor told Business Insider:
It took them a long time to get the first 50, first 100 [retailers]. But at the beginning of July, the number was around 400, and we’re already at 800. We’re at this point signing up more than 200 a month.
Among those merchants accepting Dash in Venezuela are Subway and Calvin Klein, according to Taylor.
What do you think about Dash’s reported rise in Venezuela? Do you think cryptocurrencies will continue to prove their value in countries with worsening economic situations? Be sure to let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.