Cryptocurrency Use On The Rise In Venezuela

According to researchers at LocalBitcoins, 8.94% of global Bitcoin transactions occur in Venezuela. Reportedly, cryptocurrencies are a lifeline for people living under an oppressive monetary regime, but even these alternative currencies could soon face censorship. The Venezuelan government's recently-launched crypto remittance service, Remesas, already imposes restrictions, including a monthly transaction limit of roughly $600. And the newly formed crypto regulatory body, Sunacrip, collects up to 15% on each transaction in the form of tax.

 

Addressing the situation, the Resistance company’s decentralized exchange (ResDEX) promises to make it easy for users to trade cryptocurrencies directly between one another, in private, and without censorship, offering true financial freedom. Hyperinflation in Venezuela is forecast to reach 10 million percent this year, with 30 million people already struggling to buy necessities. But Resistance’s blockchain technology gives Venezuelans another option.

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In addition to Bitcoin, to avoid government censorship, Venezuelans are turning to privacy-focused currencies like Zcash and Dash too. At least 800 merchants in Venezuela now accept Dash as payment. Nicholas Merten, the founder of DataDash, states, “What we’re seeing in Venezuela is tangible proof for the need of cryptocurrencies," he says. “When capital controls are inflicted on the public and the government leaves citizens out to dry, crypto provides a safe haven to store and transmit wealth globally.”

 

Resistance claims it will allow users to exchange between these private currencies and hundreds more, anonymously, without a centralized entity vulnerable to censorship - users never hand over control of their assets. Unlike most centralized exchanges, the Resistance decentralized exchange is censorship resistant, with no central server vulnerable to attack or suppression. Users can mask their IP addresses using Tor with the click of a button, and with another click, it’s even possible to add privacy features to coins that don’t natively support them.

 

ResDEX has been designed for ease of use and is available for free on macOS, Windows, and Linux. For more fiscal forays and enlightenment, visit Resistance.

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