Ryan Taylor, CEO of cryptocurrency platform Dash, has outlined the benefit of cryptocurrency in Venezuela, where the digital cash company expanded three years ago.
Dash is an open-source project which includes a decentralised payment network aiming to offer users a fast, safe digital currency that can be used as cash, credit card or via PayPal.
In a recent interview with CryptoSlate, Taylor has cited cryptocurrency as “critical” for “survival” in Venezuela which is currently undergoing civil unrest. The local currency (Boliva) has hyperinflated and therefore citizens have turned to cryptocurrencies like Bitcoin and Taylor’s own currency, Dash, which can be transacted quickly and cheaply.
Taylor reportedly said that shortcomings in Venezuela’s existing payment system have left many turning to the virtual currency options. “The infrastructure goes down; there are limits on the amount people can transfer… Cash is completely broken, when you think just use a credit card, even small purchases, that can be a problem, you need something that is cash-like, and we provide that solution without the restrictions.”
Cryptocurrency, which is traded using secure, deregulated blockchain technology, is increasingly being seen as a payment solution for those with less access to traditional methods like cash or credit cards – especially in emerging markets.