The worsening economic situation in Venezuela which has courted a triple-digit inflation, food, riots, and citizens crossing into Colombia to buy basic necessities seems to favour digital currencies. Bitcoin’s all-time high According to LocalBitcoins, Bitcoin trading volume in the country hit another all-time high last week of 163,732,154 Bolivars – approximately $16,455,908 according to the official VEF/USD exchange rate of 0.1 – more than double the LocalBitcoin’s volume in the USA for the same week, which stood at $7,015,712. Services like Western Union and Moneygram closed operations in Venezuela due to the exchange control regime enacted in 2005, leaving a huge necessity related to remittance and payments in foreign currencies unattended. Coupled with capital controls, devaluation, and critical goods shortages, and the national currency of Venezuela, the Bolivar, dropping against the USD by nearly 40% in a year, the South American country is definitely ripe for major cryptocurrency adoption. Dash is keeping up A Venezuela-based cryptocurrency brokerage Cryptobuyer last week too announced that it added Dash to Bitcoin on its platform due to soaring demand. It is the first platform in the country to operate while fulfilling all KYC, AML and taxation obligations. Jorge Farias , Cryptobuyer CEO, believes that his platform’s addition of Dash will make the payment network benefit thousands of people suffering from Venezuela’s failing national economy. Farias says to CoinTelegraph: “We have seen great reception from Venezuelan users who registered and actually began to learn about Bitcoin and Dash for the first time. This is very important because our focus is to bring the benefits of Blockchain technology to the average citizen in need of options. We have registered hundreds of users in the past week and the support and interaction with users has been very significant.” Dash is currently the 7th most valued cryptocurrency […]
