This statement has been repeated time and again by Dashpay, hinting that crypto is taking off in Venezuela’s economy.
But after investigating the true uptake of the crypto in Venezuela, this statement – while bold – isn’t quite true.
In 2018, 80 percent of merchants in Venezuela reportedly accepted dash.
Nowadays, the statistic is getting significantly lower following its first audit by Discover Dash, according to Ernesto Contreras, Business Development Manager for Dash Latin America.
“They will complete their first audit to registered businesses this week and the total of retailers affiliated to Dash is going to fall,” Contreras said.
Indeed, local sources told CoinDesk that only a small number of projects and merchants are actually using dash. For example, Fabiana Arreaza, owner of the startup Chiringuitos, told CoinDesk that customers rarely use the crypto payments option.
“We’ve been accepting dash for two years. We currently haven’t received any clients using dash to pay for their events. They’d rather use bolivares or dollars,” she said.
This is true for the wider crypto industry in the country. There are approximately 488 businesses, including many small food startups, that accept cryptocurrency payments in Venezuela, though few businesses actually see traction.
Los Costilla, a popular, dash-friendly restaurant, is one example. A representative told CoinDesk they haven’t accepted any type of cryptocurrency for over a year.