Venezuela Is Now The Second Largest Dash Cryptocurrency Market

In an interview with RT News, Ryan Taylor – the Dash Core CEO – has revealed that the South American nation is the second largest user of the Dash cryptocurrency in the world. Further, he revealed that tens of thousands of Dash crypto wallets are downloaded each month.

Ryan also said that many Venezuelan merchants are signing up to accept the Dash as the medium of payment for goods and services. He also alluded that the growth of other cryptocurrencies adoption in the country has been also increasing at a fast pace.

“We had difficulties getting 50 merchants. In July 2018 we had 400 and now the figure is at 800 with a notable increase recorded on Monday this week. Venezuela is now ahead of Russia and China.” Said Ryan Taylor at RT New interviews. “We now have over 22 hundred merchants worldwide, and the number is growing.”

Venezuela has a Crumbling Local Fiat Currency

The World Bank and the US Central Intelligence Agency (CIA) data project that the level of inflation will hit a record 2,500,000% in December 2018. With a worthless Bolivar currency, the nation’s economy is in a deep recession, no one can produce goods and services, as there will no profits. Most people can only afford a small packet of corn flour, which they add to some boiling water for food. The government of Nicholas Maduro is also at the receiving end for fueling the crisis by printing money despite there being no goods or services, hence creating inflationary pressures.

Although the old Bolivar has been phased out by removing the five zeros and linking it to the National cryptocurrency the Petro, the Venezuelans are seeing no hope at the end of the tunnel as there are no products on the shelves to buy and no one knows what anything costs anymore. Besides, workers and employers are in a state of limbo for the time being as the government has directed that employers raise minimum salaries by a factor of 3000% to $30 for August. The opposition has since called for a protest but loyal Maduro supporters and the police have vowed to quash the demonstration. Terming it “American influenced.”

The Dash is Offering Venezuelans Hope Again

Speaking to RT, the Dash Core CEO said that the Dash is becoming popular in Venezuela because of its attributes. First download time is less than 10 seconds on average. Second, the Dash payments are instant. Thirdly, the cost of sending Dash on peer-to-peer transactions by the huge Venezuelan diaspora is almost negligible at a 10th of a dollar cent. Lastly, the Dash Blockchain is governed democratically by consensus on a decentralized platform that the dictatorship government has no influence over.

Ryan Taylor is positive that Dash and other cryptocurrencies are the solutions to the money crisis in Venezuela-probably the richest nation on earth. The Dash Core has invested over $1 million in Venezuela to drive up the adoption if the Dash.

Meanwhile, the price of Dash shed off 7% to $138 at the time of reporting. This is following the US SEC decision to block some Bitcoin ETFs.