The cryptocurrency dash surges in Venezuela

Dash has been experiencing a wave of interest in the cryptocurrency, as residents in Venezuela have been turning to cryptocurrencies as a way of storing and transmitting value. The country is experiencing hyperinflation which has threatened the economic stability of the country and individuals.

The Venezuelan monetary system is in a turbulent currency crisis, with inflation predicted to reach as much as 1.000.000 percent this year. This is further pushing residents to turn to alternative solutions for their day to day trades and payment solutions.

The Countries president Nicolas Maduro has introduced the state-backed cryptocurrency, the Petro, as a way of leveraging the monetary crisis. This has also caused people to take a good look at what the cryptocurrency Dash has to offer.

In an interview with Ryan Taylor CEO of the Dash core group on Business Insider. He explained that they were seeing tens of wallet downloads from Venezuela 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”

Venezuela’s cryptocurrency the Petro

The Petro was launched back in February, The cryptocurrency was designed to supplement the country’s Bolivar. The Petro was also created in order to overcome U.S. sanctions.

Maduro is focused on preventing the total collapse of the countries economic order, that could further devalue the bolivar to as much as 95 percent. However, he claims that this devaluation of the currency could be pegged with the Petro cryptocurrency. in a report by Bloomberg. This seems to be the first time that the “sovereign bolivar’s” government has garnered the technique of linking crypto asset to a fiat currency in order to achieve a stable and functioning monetary system.

Even though the Petro has not seen much coverage as of yet, the countries president is attempting to use this new type of advancement for good. President Maduro has approved the use of 75 billion Bolivares and 909.000 Petros to finance the building of houses in Venezuela. We will continue covering the development of this currency and the economic stability in Venezuela.

Do you think the dash will be a good choice for Venezuelans or are you more interested in what Petro or Bitcoin can do for the population? Feel free to leave a comment below.