DASH replacing Fiat money in Venezuela

Cryptos are a preferred choice of money as the national currency is rendered worthless with hyperinflation

Venezuela’s inflation problem seems to worsen by the day with the recent devaluation of their official Bolivar currency by another 95% & linking it to their national oil-backed cryptocurrency Petro hasn’t helped stem the hyperinflation which is bound to hit a 1,000,000% this year.

This has created a crisis-like situation in the Latin American country where people are having trouble even meeting their daily dietary needs. The poverty rates have hit alarming proportions compelling people to either flee the country (2.3 million) or turn to another source for survival — Cryptocurrencies!

And while Venezuela is a prime example of how Cryptocurrencies have literally replaced the traditional fiat-based monetary system other countries like Iran plagued by economic sanctions & emerging markets like Turkey, South Africa & Argentina are seeing soaring interest in the digital assets as their national currencies flounder.

The peer-to-peer local crypto exchange in Venezuela shows a spike in transaction volume depicting the same exponential trajectory as the inflation. It is pretty evident that a growing number of people in the country are…