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Dash Making Its Way in Venezuela’s Troubled Economy

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Dash Making Its Way in Venezuela's Troubled Economy

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In Venezuela’s broken economy, Dash is reportedly becoming one of Venezuela’s more popular cryptocurrencies.

According to Latin American exchange buyer Cryptobuyer, the digital currency’s rise in popularity has all but overtaken Bitcoin in the region, although statistics don’t bear out the claim.

Dash is one of three major cryptocurrencies used in Venezuela along with Bitcoin and Nano, although it is generally accepted that Bitcoin remains the most widely-used cryptocurrency payment method as it is still far easier to sell. Nonetheless, Dash is in widespread use with some 522 domestic store owners accepting it around the country.

CEO of Cryptobuyer Jorge Farias claims that Bitcoin and Dash are fighting for top volume on his exchange and that Dash is coming out in front. Joel Valenzuela suggests that merchants are proud to display their “Dash accepted here” stickers at their small business premises. He suggests that this is fine contrary to reports that cryptocurrency has been driven underground by a repressive government. He said:

“It appears to be a misconception that the Venezuelan government is anti-crypto. The country is in the midst of a severe economic crisis, and a way out is a way out. Additionally, local crypto advocates have expressed that the creation of the state-backed Petro has been good for adoption and awareness of other cryptocurrencies.”

As Bitcoin News has reported on more than one occasion, this view rather conflicts with the word from the streets where carrier bags of bolivars, the bags themselves fashioned from the ailing currency, are all that is permitted by the regime. Hence, Bitcoin is at a premium and used for bare necessities and food, and often sought from overseas or donated by foreigner air drops.

As was reported by “Hector” recently via news sources, freedom of choice is limited when it comes down to survival, and choice of currency, a luxury for most in his position. He said:

“Venezuela is what a country with almost zero economic freedom looks like, and many are at risk of ending up like us. One important focus the cryptocurrency community has is to fight for our freedom and I congratulate you guys for standing for what is yours.”

He also noted that large purchases of food and supplies risked confiscation by government representatives due to a suspicion that items were purchased using cryptocurrencies.

One reason for Dash’s higher profile among some retailers in Venezuela may be due to an increased marketing campaign in the country, with the company holding local monthly conferences and educating its adherents.

 

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