Locals are turning to cryptocurrencies as a more stable store of value and means to transact.
Chaos in Venezuela has erupted since early this week after its President announced a new fiscal policy. This new policy together with hyperinflation, where we saw a roll of toilet paper cost 2.6 million bolivars, has triggered panic throughout the country. People are now going to different cryptocurrencies in an attempt to weather the storm.
One of the cryptocurrency people are drawn to is Dash. The wallet has been downloaded exponentially within the country. Dash has been around since 2014 and is currently the 14th largest coin in CoinMarketCap’s listing, with a market cap of $1 billion. Dash helps Venezuelans keep the value of their money. Transacting using their wallet entails no lag, transaction fees are cheaper, and the Dash Core Group benefits the community through financing 'projects on the ground'.