Ryan Taylor/Dash Core Group
Venezuela is currently suffering from hyperinflation and the president recently devalued the currency by 95%.
Locals are turning to cryptocurrencies as a more stable store of value and means to transact.
200 merchants per month are signing up to accept Dash in Venezuela, according to the Dash Core Group, and the rate of adoption is accelerating.
LONDON — Cryptocurrency Dash is seeing a surge in new merchant sign-ups and wallet downloads in Venezuela as hyperinflation in the country runs wild.
Venezuela is forecast to see inflation of as much as 1,000,000% this year, with locals needing stacks and stacks of cash just to buy food. Socialist President Nicolas Maduro last weekend announced a series of measures aimed at stabilizing the economy, including devaluing the bolivar by 95% and pegging it to the state-backed cryptocurrency, the Petro.See the rest of the story at Business Insider
The head of the Swiss stock exchange’s new crypto platform thinks bitcoin is ‘hope and hype’ but says digital assets ‘are here to stay’A German fintech startup backed by Peter Thiel has raised $100 millionTurkey’s lira is rallying after a $15 billion loan from Qatar
Read more: feedproxy.google.com