A cryptocurrency is making huge inroads in Venezuela as inflation runs wild — and it’s not bitcoin or the Petro

caption A Dash billboard in Venezuela. source 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. However, another, non-state backed cryptocurrency is apparently catching on: Dash. “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.” The BBC reported on Wednesday that Venezuela is “a paralyzed country” after the economic changes over the weekend. Cash withdrawals are being restricted and there is confusion over how exactly the new system works. Venezuelans are turning to cryptocurrencies as a way to… [Read full story]

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