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Are the crypto-coins the salvation of the Venezuelan economy?

Following the Venezuelan economy news, chaos is installed in the country, with inflation forecasts for this year reaching 1,000,000%. There are limitations in raising money at the terminals and the currency depreciates from one day to the next.The government of Nicolas Maduro has taken some drastic measures to mitigate the economy, among them the official currency devaluation of about 95%, changing its name to "sovereign bolívar". The value of the bolívar will no longer be indexed to the dollar, to be associated with the government's criptomoeda, Petro, which in turn is linked to the price of oil. To get an idea, the Petro unit is valued at 60 dollars or 3,600 bolivares.The government has also withdrawn five zeros from its unit of measure. Thus, a person receiving 1.8 million bolivars earned 1,800 sovereign bolivars as minimum wage, an increase imposed by Nicolas Maduro of 3,000%, but still equivalent to 30 dollars a month ...To try to recover value, Venezuelans are investing in criptomoedas, and it is not Petro, the official digital currency of the country or others better known as Bitcoin, but Dash, the Business Insider adds.
Dash is a cryptomoeda created in 2014, based on open source, which stands out for having very low commissions and almost instantaneous transactions. Its circulation value is about one billion dollars, being the 14th largest currency in the world. The CEO of the Dash Core Group says that Venezuelans are creating tens of thousands of portfolios every month, with Venezuela overtaking China and Russia, making it the second largest market to operate in the company's currency.In view of the mass adoption of crypto-consumer customers, there has been a substantial growth of stores and retailers that have come to accept Dash in transactions. The company explained to the BI that it took some time to conquer its first 50/100 retail stores to adopt the criptomoeda, but since July the numbers have soared to 400 stores and is currently at 800 with a monthly increase of 200 new points to accept the digital currency. Renowned chains such as Subway and Calvin Klein have agreed to accept Dash in Venezuela, according to Dash Core Group CEO.
The credit card transactions in the country can suffer significant variations of the value, when in the three following days the money arrives at the account of the recipient. The ability to transfer the value of the crypto coins almost instantly during transactions through the Dash, this problem is solved. And the acceleration of the adoption of the cryptomeo, by both consumers and retailers, was with government measures to restore the economy.
In this sense, the unique characteristics of Dash adapt to the emergent conditions of inflation in Venezuela. The company points to other countries with high inflation rates, such as Turkey, Ukraine or Argentina, which may also take refuge in the Crypto-Coins, but the Dash Core Group will continue to grow first in Venezuela before venturing into other markets.


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