Venezuela is a South American nation that has been experiencing an economic down trend. The main cause for the country’s woes is the excessive inflation of the currency.

The lucky few who left the country send funds to their loved ones who were less fortunate. However, with the current transfer methods, this is not very fast. Thus, Dash has launched SMS based payment services in Venezuela.

With the nations inflated currency being of no use in the country, cryptocurrencies offer the perfect solution. More than 2,200 merchants have already signed up and are accepting payments in the form of DASH.

All this sounds really very exciting for the country. However, this new mode of payment is still in beta mode and is available only to users of Movistar and Digitel which are two of the biggest telecom companies in the country.

Users who wish to use this service need to send a message reading ‘DASH’ to the number 22625. They then need to send the text ‘CLEAR’ to the same number. This creates a DASH wallet for that particular number.

Dash text teaser on YouTube

Users can then use that phone to pay any merchant who accepts DASH as a mode of payment. The best part about this service is that users don't need to have an expensive phone or internet connection to send and receive funds. All they need is a basic handset that is capable of sending SMS to others.

Venezuela is just the beginning. If this feature is capable of improving the conditions there, then cryptocurrencies will help to improve the conditions of all nations that have suffered a tremendous economic crisis.