Countries around the world, such as China, India, Iran, Turkey, Russia, Venezuela, and others are abandoning the United States dollar for alternative payment methods to take back their sovereignty.
China has taken significant steps towards strengthening their own yuan by accumulating gold reserves, launching yuan-denominated crude oil futures, and using their currency with trading partners. Russia, Iran, and Turkey have been pushed away from the United States dollar through sanctions that arose from political disputes. This further compounded into their trading partners, such as India, using various national currencies other than the dollar for international trade deals.
Turkey is seeking escape from their concerning inflation, while others claim to not to want to use the dollar due to its increasing volatility from uncertain policies. Venezuela has long sought escape from the dollar, but gave into massive hyperinflation, partly as a cost of pursuing that goal without reprieve. Further, Russia recently set up its own alternative to the global financial messaging platform, SWIFT, in an attempt to have an alternative payment channel.
Seeking relief through cryptocurrencies
Growing economic success has made some of these countries’ sovereign currencies become more widely accepted and trusted than when previously compared to the USD. However, for less successful and/or untrustworthy countries, cryptocurrency provides a third party currency option that delivers wide-acceptance and trust without having to rely on any other government. Instead, individuals are able to derive trust by reading the computer code of cryptocurrency rather than having to trust a sovereign government to act fiscally and/or monetarily responsible.
Partly due to their hyperinflation woes, Venezuela has been one of the first countries to embrace cryptocurrency wholeheartedly by launching the Petro, backed by oil, as a potential currency alternative. Even though the Petro’s legitimacy has been called into question many times, its creation sets the stage for wider cryptocurrency adoption allowed by a government desperate to not use the USD. At first, cryptocurrency can be seen as a way for the Venezuelan government to navigate sanctions, but upon closer inspection, it is revealed as a way for individual Venezuelans to escape the horrors of hyperinflation. So while these countries are authoritarian in nature, their embrace of cryptocurrency as an alternative to the USD actually grants more freedom and relief to their citizens.
Dash working towards a global currency
Dash has steadily been working on being reliably fast, inexpensive, and secure, which is required for a base currency for individuals to trade goods and services. [tweet https://twitter.com/StayDashy/status/1080185180202123266 align=’left’] Thus, Dash has been adopted by over 2,500 merchants in Venezuela, 4600+ around the world, and is being used in everyday purchases. Additionally, Dash is serving the needs of neighboring Colombians at over 300 merchant locations. Importantly, Colombians are not suffering from hyperinflation, but still seek a stable and secure currency to use in trades, especially in cross-boarder trades and/or remittances.
Further, Dash India has been researching how Dash can best achieve adoption as a prime remittance outlet for individuals in the region. Then, the Dash Core Group is focused on getting Dash adopted for remittances in the US-Mexico corridor. Dash Embassy D-A-CH also recently talked to individuals in Turkey about ways Dash can help them and inspired many inquisitive questions about how to integrate Dash more into their lives. Dash is rapidly gaining more users around the world where governments are tired of USD dominance and citizens want more financial and monetary freedom.