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Venezuela Petro cryptocurrency

DASH News | DASH Targets Venezuelan Inflation Issue

DASH, the 14th largest cryptocurrency by its total market cap, has just announced that it is focusing a lot of its efforts on one country currently.

DASH in Venezuela

Ryan Taylor, CEO of Dash Core Group, told Business Insider that his team has seen a rise in Dash Wallet downloads in Venezuela within the last couple of months due to rising inflation.

“We are seeing tens of thousands of wallet downloads from the country each month,” Ryan Taylor, the CEO of the Dash Core Group, told Business Insider. “Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”

Venezuela is supposed to see a 1,000,000% rise in inflation this year, with locals needing stacks of cash just to buy groceries. Venezuela’s government led by their president, Nicolas Maduro, introduced an oil-backed cryptocurrency named the Petro. It has been highly criticized by many global leaders and even those within the country itself.

Many believe the President wants to use the cryptocurrency as a way for countries to save Venezuela from its own demise.

Venezuelans Desperate

With rising prices of just about everything in the country, residents are beginning to become desperate. Cash withdrawals are being restricted at banks and there are no clear rules when it comes to the new system that is in place.

Venezuelans are now turning to cryptocurrencies as a way to store value, as the Venezuelan bolivar’s exchange rate continues to spiral. Based out of Arizona, Taylor states that DASH is currently rising with merchant adoption too.

Currently, DASH is working with over 800 retailers and Taylor told Business Insider that they are signing up over 200 retailers a month and Subway and Calvin Klein have all signed up to accept Dash in Venezuela recently.

“Effectively, even if I accept a credit card, three days later when the funds hit my account, it’s worth significantly less in Venezuela than when the authorization went through,” Taylor told the publication. “This is a problem that cryptocurrency can solve. Our instant transactions can solve it and the relative stability of our cryptocurrency is better than their fiat currency.”

Featured Image: Depositphotos/© ivosar

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Venezuela Petro Cryptocurrency | Providing Homes for the Homeless

Venezuela Petro cryptocurrency: Lldemaro Villarroel, the Venezuelan Minister of Habitat and Housing, just announced that the Venezuelan government is planning on using the national cryptocurrency Petro to house the homeless, Criptotendencia reported yesterday.

The project will be called ‘Great Mission for Venezuela Housing‘ (GMVV) and the Venezuelan government will be fully funding it. GMVV aims to provide quality housing to the homeless.

Great Mission for Venezuela Housing

According to the GMVV website, the government has built more than 2 million houses to date. Villaroel states that 33 companies have teamed together to start tests on the construction process.

Villarroel told the press:

“Together with the governors, we are reviewing the plans that we will begin in the second quarter, in this second quarter GMVV will have an injection of financial resources, which this year will be protected and established with [the] Petro.”

The president of Venezuela, Nicola Maduro, approved the use of 75 billion bolivars (USD $750,000) and 909 Petros to build the new housing units. Maduro adds that the oil-backed cryptocurrency offers many benefits that represent a protective shield for the housing construction.

>> President Trump vs. the Petro Coin

Declining Bolivars

The country has been under major scrutiny for the Venezuela Petro cryptocurrency. The country is going through a major recession and many feel its use of the Petro was a way to get countries to pay for its bail-out.

Earlier this year, the Venezuelan government said it could charge for exports in the oil-backed cryptocurrency and even offered India a 30% discount if they paid in Petros. Ultimately, India rejected the proposal.

When the Petro was first introduced, the Trump Administration signed sanctions against the coin and restricted US banks from purchasing Venezuelan debt.

Is the Venezuelan government trying to con countries into buying in by using it to partially fund the homeless housing project? Clearly, the government isn’t using only Petros as currency. We shall see.

Featured image: sciencemag.org

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