VENEZUELA WILL LAUNCH AN APPLICATION TO EXCHANGE CRYPTOCURRENCY FOR FIAT MONEY
The startup Reserve, working on the launch of its own stablecoin, plans to release an application for the exchange of cryptocurrencies for Fiat money in Venezuela and Angola.
It is reported that in the near future the application will appear in Google Play store and will be available for devices based on Android OS. With it, individuals and companies will be able to exchange Fiat money on stabilin RSD, tied to the U.S. dollar.
As told by co-founder and head of the Reserve, Nevin Freeman, the main reason for the launch of the application in Venezuela is the massive inflation and the constant decline rate of Bolivar – Fiat currency of the country.
“A lot of people, including some of our investors, discouraged us from launching the application in Venezuela. However, hyperinflation is exactly the problem that Reserve should solve, and Venezuela is now suffering from the biggest inflation in the world. Therefore, we decided that this should be done,” Freeman said.
In a press release, Reserve notes that now there are 16 countries in the world with annual inflation exceeding 20%, and the Venezuelan Bolivar loses 10% of its value every day.