The Reserve currency: a response to venezuela's hyperinflation

DecryptreportsReserve Dollar, a stable currency backed by U.S. dollars, will be available in venezuela through its Reserve app. The goal is to provide a crypto-currency-based, less volatile alternative to persistent hyperinflation across countries.

The currency and its counterpart, the Reserve App, allow citizens and businesses to store assets, make in-store purchases and make international remittances using the App.

So far, venezuela has used many cryptocurrencies to hedge against high levels of inflation, but they remain subject to fairly volatile prices.

And surrounded by a strong DASH community, the Reserve  One question is whether it can go now and catch up with the other cryptocurrencies that venezuela is using.

"Dash is an interesting example of cryptocurrencies gaining traction," admits Nevin Freeman, co-founder of Reserve. "but Dash is still too volatile to really catch on as a major currency." Indeed, during 2018, Dash prices fell 92%. Freeman said the real competition in electronic transactions, whether legal tender or Paypal, is the dollar.

The Reserve Reserve app allows venezuelans to store their wages as & NBSP; Reserve Dollars. They then convert the money into Venezuelan currency, which can be spent in shops. The long-term goal of the program is to eventually get people to use onlyReserve DollarsTrade.

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