A new documentary entitled “Colombia and the Cryptocurrency Revolution” shows recent spikes in Colombia’s adoption of cryptocurrencies. The Dash-sponsored YouTube channel covers the merchant adoption progress in Medellín and crypto conferences taking place in South America.
According to DiscoverDash, Colombia ranks third in the world for Dash-accepting merchant listings. Colombia’s 327 merchants are among 3,000 merchants in South America that accept Dash as a payment option.
Dash, which is similar to Bitcoin, is designed to have more privacy and faster transaction speeds. The cryptocurrency has been gaining traction in South America where unstable economies are destroying local currencies amid spiraling hyperinflation.
According to Dash Colombia coordinator George Donnelly,
“Within 5 years, Dash will be in active use in every country in Latin America because people just plain love it. They love being in control of their own money. Banks and governments in Latin America are not user-friendly. People are mobile and free. They need Dash because it crosses borders with them and helps them get paid right away outside of the government-controlled banking system, and know the transactions cannot be reversed. Dash is making this happen right now, and we will never stop.”
Today, Colombia is more economically secure than many of its neighbors, with the rise of cryptocurrency adoption partially attributed to Colombia’s new president Iván Duque, who welcomes blockchain and crypto.
Located between the Pacific Ocean and the Caribbean Sea, Colombia has provided refuge for the more than one million Venezuelans displaced by the country’s devastating economic crisis. Merchant crypto adoption in Venezuela has exploded with over 2,600 merchants accepting Dash as a form of payment.
In 2018, Dash partnered with Kripto Mobile to provide mobile phones with in-built support for storage of Dash cryptocurrency.
Says co-founder Luis Sosa,
“We are seeing an incredible transition period in Latin America with those who are unbanked, underbanked or simply do not want to use the traditional banking system. Combining our accessible, affordable phones with Dash’s InstantSend transaction capabilities and low fees will provide a myriad of benefits to these communities. And with the addition of Bitrefill and other Dash apps, such as the Dash wallet, to our phones right out of the box, there’s simply no easier way to start using cryptocurrencies like Dash in everyday life.”