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Another cryptocurrency makes its way into the Venezuelan economy
12/10/2018

Another cryptocurrency makes its way into the Venezuelan economy

According to CCN, KFC in Venezuela will start accepting Dash Cryptocurrency starting this week. The country that has been facing the fear of an economic collapse for a while now, is known for its open-minded views regarding cryptocurrencies. Because of economic problems of their country and drop in value of the Bolivar, many citizens of Venezuela invested in Bitcoin which was much more stable for them that their own currency.

At one point, Venezuelan government even created their own national cryptocurrency, the Petro (Petromoneda) which was supported by country’s oil and mineral reserves and was supposed to help the Venezuelan Bolivar crisis. At the moment, Petro value is connected with that of the new Venezuelan Bolivar currency introduced in August, 2018.

The relationship between Venezuela and cryptocurrencies have been tight for a few years now. As mentioned above, because of country’s economic instability, many citizens and institutions invested in Bitcoin and other cryptocurrencies using various fiat to cryptocurrency trading platforms such as DARB. It is especially visible in service industry with few fast-food chains such as Subway, Papa John’s and now KFC accepting various cryptocurrencies such as Bitcoin or Ethereum.

What is interesting, is that using the Venezuelan economic crisis to its advantage, Dash is now attracting more serious businesses and is expanding really rapidly in South American country. It also seems to be the path for many other cryptocurrencies who plan to introduce themselves to a broader audience using more common businesses such as fast-food restaurants, only to later on expand to bigger industries. What is more, it is clearly obvious that Venezuela is a perfect market for them to do so and we should definitely hear more news like this in the future.

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