If you are up on the latest crypto related news then you would know that Venezuela released the petro cryptocurrency to avoid sanctions, which was promptly sanctioned itself.
Well, today Coindesk released an article stating:
In response to the flurry of requests for help, Wilcox last month partnered with AirTM, a Mexico-based peer-to-peer exchange, to promote zcash as an optional intermediate step when converting bolivars into U.S. dollars.
Apparently AirTM may be using Zcash to help those in Venezuela convert between currencies to avoid inflation and/or potentially dodge sanctions. While there is no guarantee that this won’t fall through, sounds to me like the ball is already rolling.
So, what does this mean?
In short, a price increase for Zcash.
Now, I for one have not been shy about vocalizing my “distaste” and lack of trust in Zcash. Still though, there is a chance for Zcash to get a boost if it becomes the currency of choice to get money out of Venezuela; and a chance at an even bigger boost if people start buying it and holding it to avoid the hyper inflation that Venezuala has been dealing with for a while.
Now, of course, do your own research. But you might just want to keep an eye on the price of Zcash in the coming months, especially if you’re already holding it.
The current price of Zcash at the moment is:
$176.63 or 0.0263 BTC
It's a great choice, the most respected privacy coin according to Edward Snowden. Would not have thought that would work for the current government of Venezuela though.
Honestly, I think Edward Snowden either made a poor choice and/or was paid when he endorsed Zcash - but maybe that's just me.
Second, Zcash won't be endorsed or backed by the Venezuelan government; it is just that it could become a large on/off ramp for money coming in and out of Venezuela. I think they'd allow it to happen because it would succeed where the petro failed.
Why? Zcash is not so secure?
What then, Dash and Monero?
If you really do some digging you can find a lot of reasons why not to use Zcash, some of it legitimate and some of it conspiracy. But I'm mainly concerned for 2 reasons:
A: Because it had some potential vulnerabilities when it was set up, and it may not be as secure as people think if there was any corruption by the devs. You might want to check out this article and this one too.
B: There may be a backdoor accessible by the devs and/or government. Could it be just an idea, a de-anonymization backdoor, or something else?
just read those articles, the tweet was the most troubling, thanks for the links.
Never heard about AirTM. They use Zcash only?
They are a Mexican money exchange, and they are planning on allowing you to exchange bolívar <> Zcash.