Dash Is Being Questioned as the Top Cryptocurrency in Venezuela

Michael LaVere
  • New reports are questioning whether Dash is the top form of crypto payment in Venezuela. 
  • Venezuela has become a target for cryptocurrency adoption due to the country's ongoing economic struggles. 

Cryptocurrency DASH and the group behind its development have come under fire after Ryan Taylor, CEO of the Dash Core Group, told viewers at a CoinDesk event that Dash was the most used crypto in Venezuela. 

Dash Usage in Venezuela

Taylor made his comments in May while speaking to audience members of CoinDesk’s Consensus event, stating, “Dash is the most used cryptocurrency in Venezuela.” However, an investigative report by the news outlet claims that while Dash has a strong footing in the country of Venezuela, it is not the most used cryptocurrency on the market. 

According to the report, over 2400 businesses in Venezuela accept dash as a payment method. That number is expected to drop following an audit by Discover Dash, which seeks to gain better clarity on the state of the coin’s usage. Ernesto Contreras, Business Development Manager for Dash Latin America, told CoinDesk,

[Discover Dash] will complete their first audit to registered businesses this week and the total [number] of retailers affiliated to Dash is going to fall.

The report also cites several local sources on the crypto’s usage in the country, who claim that only a small number of merchants and projects actually use dash. CoinDesk quotes Fabiana Arreaza, owner of startup Chiringuitos, saying,

We’ve been accepting dash for two years. We currently haven’t received any clients using dash to pay for their events. They’d rather use bolivares or dollars.

The report concludes that it is unlikely for dash to be the most widely used cryptocurrency in Venezuela, and that there is “scant evidence” available to support its market dominance. The report cites an estimated 10,000 active dash wallets in Venezuela, but contends that number may be in correct, in part due to the involvement of approximate figures. 

Giorgio Marinetti, CEO of Dash Help, told the outlet, 

We can only calculate an approximate number of transactions in the country. We don’t have a central point of data, so we have to collect it ourselves.

Community Responds

The original report has come under fire after a correction was issued on Aug. 15. The news outlet previously stated that 80% of Venezuela’s merchants used dash in 2018, instead of Dash Merchant being responsible for 80% of the new merchant registers using dash. 

Twitter users were also frustrated by the lack of conclusion over which cryptocurrency is the most widely used in the country, which is presumed to be bitcoin given its branding and market share. 

Despite confusion over Dash’s market penetration in Venezuela, the country continues to be the target of cryptocurrency innovators who hope to offer the population a reprieve from its ongoing economic struggle.