Venezuela will launch Fiat cryptocurrency exchange application

Venezuela will launch Fiat cryptocurrency exchange application

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In Venezuela, they will launch an application for exchanging cryptocurrencies for Fiat Startup Reserve, which is developing its own stablecoin, intends to launch an application for exchanging cryptocurrencies for fiat money in Venezuela and Angola. Reported by the Cointelegraph.

The application will be available to owners of devices based on Android OC and should appear on Google Play in the near future. With it, users will be able to exchange fiatnyh funds for steyblkoin RSD, which is pegged at a ratio of 1: 1 to the US dollar. As stated in the Reserve, the RSD coin is an alternative to cash, which has relatively stable purchasing power, is characterized by high speed and low transaction costs, and it is “not suitable for criminal use.”

Note that last year more than 40 investors invested in a startup, among them well-known businessman and hedge fund manager Peter Thiel, Coinbase, Distributed Global and GSR.IO. The choice of Venezuela as the first country to launch the Reserve project CEO Nevin Freeman explained by the rapid depreciation of the national currency. “Many people, including some of our investors, discouraged us from starting in Venezuela.

Hyperinflation is the problem that the Reserve is intended to solve. and the rate of inflation in Venezuela is now the highest in the world, so we felt that it had to be done. ” The press release also notes that there are now 16 countries in the world with annual inflation exceeding 20%, but the situation in Venezuela is really alarming, as the Venezuelan bolivar loses 10% of its value every day.

Against the background of the rapid devaluation of the bolivar, the demand for cryptocurrency soared last year. Locals buy bitcoins through the LocalBitcoins p2p-platform, against the background of which trading volumes on the platform more than once reached record highs.

So, in February, just in a week, Venezuelans traded 17.1 billion Bolivars for Bitcoins. It is noteworthy that the people of Venezuela come up with alternative ways to interact with cryptocurrencies. So, in March, during a massive power outage across the country, Venezuelans sent each other cryptocurrency via SMS.

Recall how Venezuela found itself in such a deep economic crisis, where did the national cryptocurrency El Petro come from and what’s wrong with it, and what role Bitcoin plays for citizens today.

Venezuela will launch Fiat cryptocurrency exchange application

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