Digital assets have seen an increase in adoption in merchant transactions. Some merchants in Venezuela have been accepting payments in Shiba Inu, the hottest cryptocurrency over the last month. Shiba Inu fans have been trying to get the meme coin listed on Robinhood as well.
While Venezuela has been in chaos amid currency devaluation and hyperinflation, replacing the bolivar with crypto assets like Shiba Inu might not be the solution. If anything, crypto assets, especially meme coins, are quite volatile. A currency that can rise or fall 50 percent in one day isn’t the solution Venezuela needs.
Venezuela would need political stability and sound fiscal and monetary policy to restore faith in its domestic currency. The country has the largest oil reserves in the world, though U.S. sanctions have crippled the country’s exports. The disputed election of Nicolás Maduro has only added to the chaos in the country.