Nevin Freeman, CEO of the Ethereum-based stablecoin Reserve(RSV), stated that the Venezuelan people use payment applications a lot for daily transactions.
value for 1 US dollar Equivalent Reserve is seen as a tool to exchange the fiat currency Venezuelan bolivar for the dollar. It was stated that the Reserve application is also used for salary payments and transfers, in addition to daily shopping, and its use is increasing gradually. in Venezuela, Colombia, Panama and Argentina over 100,000 user exists and from 8,000 Many shops accept payment this way.
Alicia Stephany, one of the Reserve users, is in Colombia to be able to send money to living family members He said he could use RSV.
Venezuelan Antunez explained how she uses the Reserve for daily expenses:
After saving my information in the Reserve application and uploading my bolivar, I can easily convert it to RSV. For example, I went to the supermarket and got 20 in my account. There is RSV, I can use it to pay for everything in the supermarket. At the same time RSV
Can I convert to USDT or bolivars again? I know too.
said.
Most people use it because their money is constantly losing value against the dollar. If a citizen wants to buy something and the seller does not agree to pay in this way, he can immediately exchange his dollars and pay in bolivars. In this way, the money actually does not lose value.
Users: “Venezuelan bolívars are depreciating so fast that if you have bolivars, you need to convert them to dollars as soon as possible to protect them.” said.
The government has changed their currency for the third time since 2008.
When the dollar wants to be bought from official institutions, it costs much more than the normal rate, because the dollar is on the black market. However, thanks to Reserve and other stablecoins, citizens can switch from normal prices to dollars. This is seen as the benefits of Blockchain technology.
When the app was first released, it was in the finance category of Venezuela on IOS. Reserve was in first place. Binance and MetaMask are among the top 10.