Venezuela are in the midst of a financial crisis at the moment. Hyperinflation is causing the price of the Venezuelan Bolivar to fall. As a result of this, cryptocurrency DASH has seen a huge boost in popularity. It seems that DASH has been adopted as a way out for those that are losing confidence in the Venezuelan FIAT currency. We covered this story just a few weeks ago, during which we discussed how DASH had become adopted:
“DASH, the notorious privacy coin, is self funded, fast, decentralised and fully autonomous. It’s often hard to find a use value for such cryptocurrencies however very recently, DASH has dipped its toes into a very unique area, it seems that DASH could be the cure for hyperinflation, such as we are seeing in countries like Venezuela. This is exactly what we are seeing happen with DASH at the moment. Because the Venezuelan Bolivar is crashing under hyperinflation, citizens have lost confidence in the currency (despite it recently being backed by the new and controversial Petro cryptocurrency). As a result of this, many people are turning to commodities that have value in order to try and save some of their assets. DASH, looks to be the commodity of choice in Venezuela.”
Watch Our Coverage of the Story in VenezuelaDASH wasn’t selected on a whim. The Dash project and Dash core have always had a presence in Venezuela, therefore it just so happened that citizens in the country already knew about DASH before the fall of the Bolivar, therefore, it appeared as an easy to access, easy to adopt cryptocurrency.Up until recently though, in order to send and receive DASH, citizens needed to have access to a smartphone and an internet connection. Therefore, in order to keep up with demand and in order to reach out and offer assistance to a wider demographic, Dash have developed a system that now allows users to send and receive DASH tokens without the internet, now, users can simply send DASH over SMS, on standard mobile phones without the need for the internet.According to a new press release, Ernesto Contreras, the Business Development Manager for Dash has said:
“At Dash we understand that cross-border transactions are expensive and take long, and in Latin America, there is a clear possibility to help millions of people that need to send money home in any one of the remittance corridors. Venezuela is a scenario in which Dash Text is also a great solution for the current situation; Venezuela has over 80% of mobile phone penetration, over 50% of people have access to the internet, and recent migration has created large diasporas of migrants in almost all neighboring countries. So these newly migrated people are looking for easy and affordable ways to remit money back home, and that is exactly what Dash Text will do.”
With the Bolivar still losing around 3-4% of its value by the day, the situation in Venezuela is a bad one, therefore Dash Text couldn’t come at a better time. The platform is now in a public-beta phase, meaning anyone is able to access Dash Text, assuming they are on a Movistar network. Movistar is the most popular mobile phone network in Venezuela, however other additional networks are soon to be added to the Dash Text platform. This is an exciting and innovative new system, one that promises to bring access to a life changing cryptocurrency in a country that is very much indeed. This is the true essence of cryptocurrency and it’s something that should be cherished. ReferencesDash Text Press Release
As a key writer for Crypto Daily, Nathan’s role entails the creation of cutting edge news articles, reviews, press releases and general content creation. Nathan’s stories strive to include the most up-to-date cryptocurrency news and affairs, contributing to Crypto Daily’s growing network. Nathans previous experience as a researcher ...
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