Dash coin (Dash) – The Venezuelan economy is on its knees, and the government is looking for ways to keep things afloat. Since their currency collapsed, the Venezuelan government has been trying to come up with some new measures, including launching a national cryptocurrency, and devaluing the local fiat currency.
According to Bloomberg, these measures are unlikely to provide a quick fix for the economy, and there are risks that inflation will climb even faster. People are unsure about the currency adopted by the government. BBC on Wednesday reported that Venezuela is “a paralyzed country” after the economic changes instituted over the weekend.
Cash withdrawals are being restricted, and there is confusion over how exactly the new system works. To deal with this uncertainty, Venezuelans are turning to cryptocurrencies as a way to store value, as the Venezuelan bolivar exchange rate spirals out of control.
Venezuelan shop owners are also concerned about how the new minimum wage rules will affect their ability to pay staff. So far, more than 400,000 Venezuelans have left to neighboring Ecuador, as the country teeters on the brink of economic collapse. Those left are turning to cryptocurrencies, especially Dash (Dash).
Many Venezuelan businesses are now using Dash (DASH) as an alternative to the country’s currency. Brand names, including Subway and Calvin Kelvin, have signed up to accept Dash (Dash) in Venezuela. Take a look at what Dash CEO had to say about it.
“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.”
So why are people choosing Dash (Dash) over the local currency and other cryptocurrencies? The key reason is that Dash (Dash) is an open source cryptocurrency, which has low fees and near-instant transactions. These characteristics of Dash make it quite similar to cash or debit cards. Dash is also actively involved in building people-friendly financial infrastructure in Venezuela, and the people are showing appreciation for it. As more people start using it, Dash (Dash) looks set to take over as the default currency for the people of Venezuela.