A very interesting video from the Dash community looking at the introduction and propagation of cryptocurrencies in Venezuela. The video starts with a introduction to modern Venezuelan history, and just why they are in such a mess financially right now, despite being one of the biggest oil producing countries in the world.
Once the problem is explained we then see how cryptocurrencies are being used to overcome difficulties with hyperinflation, and the unstable fiat currency. Everything on this trip, apparently, was paid for using the Dash cryptocurrency, right from booking the flight ticket.
The Dash community seems to have built up quite an infrastructure in the country, with outreach programs to businesses and consumers alike, which give education and information on just how they can use this new form of money.
Dash is not the only cryptocurrency being used in the country, although to date, it is probably the most used. The government has released its own asset pegged coin, the Petro (apparently no one uses it, they probably don’t trust the issuers); also $PACcoin has a big presence there.
To me it is surprising that stable coins do not seem interested in getting involved in these sorts of situations, as they would really be in a better position that fluctuating cryptocurrencies (Dash has recently seen highs of $210 (Sep 22nd, 2018) and lows of $153 (Oct 12th, 2018), which is pretty unstable).
Anyone seriously working on a more stable coin for people trying not to lose their life savings to centralised governments and banks owing to political and financial instability, would surely have a huge success just waiting for them.
Meanwhile we can only wish the people of Venezuela and other places like Iran, Sudan, Turkey and elsewhere – which have been hit by political crises not of their own making – all the very best, and hope their hard-earned wealth doesn’t evaporate overnight.
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