Well-known cryptocurrency Dash, short for Digital Cash, has recently claimed its merchant adoption in Venezuela surpasses that of all other cryptocurrencies combined, as it claims over 500 merchants now accept it.
According to a recently published press release, merchants accepting Dash include real estate firm Remax Venezuela, bakery franchise Susy Cookies, and more. Alejandro Echeverría, Business Development Head of Dash Merchant Venezuela stated:
The Dash cryptocurrency and community have made the biggest contribution to our country. The numbers speak for themselves.
Per the release, the cryptocurrency now has over 10,000 users in the country, who can spend their funds with over 500 merchants. These figures, the release claims, make Dash the “cryptocurrency that has the most impact in Venezuela,” as it’s used for “real transactions between buyers and merchants” and not as an investment.
Notably, Venezuela is currently going through one of the worst recessions ever. The country’s fiat currency, the bolivar, has been steadily losing value because of inflation, which according to Bloomberg’s Café Con Leche Index, has recently hit record highs, as a cup of coffee now costs 2 million bolivars, up from 2,300 in the past 12 months.
On the other hand, minimum wage in Venezuela has plummeted to little over $1, and residents have been struggling to buy food and basic medicines. The cryptocurrency community has been helping the country through various projects.
Recently, a Reddit user received tips from the NANO community, which helped him buy 400 kilograms of food for 90.1 NANO, then worth little over $200. He also launched the “adopt a family movement,” to donate funds to Venezuelan families.
The Bitcoin Cash community also stepped in, launching the EatBCH charity, which sends funds to people in countries with less economic freedom, including Venezuela, to buy supplies. In a recent post, EatBCH Venezuela revealed it used 0.048 BCH (about $38.4) to buy 70 kilograms of food.
The day finally arrived: We bought all of these with Bitcoin Cash from a local store 🎉🎉
~0.048 BCH, 70 kilos of food. Peer-to-Peer Electronic Cash 👌 pic.twitter.com/AcocHKMdZa
— eatBCH Venezuela (@eatBCH_VE) July 27, 2018
Despite these efforts, Dash’s press release sees Latin American cryptocurrency exchange Cryptobuyer report Dash is “frequently in the top two most used cryptocurrencies on the platform.”
Meanwhile, the Venezuelan government is focused on its oil-backed cryptocurrency, the Petro. After allegedly raising $5 billion through its token sale, Venezuela is now set to finance social housing projects with the cryptocurrency.
Recently, President Nicolas Maduro announced it’s going to launch a Petro-tied fiat currency, dubbed the Bolivar Soberano (Sovereign Bolivar) on August 20. Notably, the country’s national assembly declared the Petro unconstitutional, as it’s seen as a way for the government to draw in foreign capital and bypass US sanctions.