Cryptocurrencies are becoming a more viable payment method in Venezuela
By Moris Beracha.- The serious economic crisis in Venezuela has forced citizens to use electronic means of payment, including cryptocurrencies.
The
high prices of products and services, besides cash shortage, is driving
companies and businesses every day to find ways to exchange digital
assets for the purchase and sale process.
In
a press release, the Church’s Chicken fast food chain informed that 10
of its 13 restaurants nationwide will accept payments using the
cryptocurrency Dash.
“Given
the technology development worldwide, we were interested in not only
remaining as a fast food chain restaurant, but being an icon in the
financial and commercial economy of the country.
Also, since other
payment methods are managed globally and due to the financial problem we
have in Venezuela, we believed and bet that we, even if we had economic
problems, had a fundamental tool to develop in a complex country,” said
Church’s Chicken’s Human Resources Director Yoneila Mata.
Meanwhile,
the largest department store in Venezuela, “Traki” in some of its
branches has displayed posters announcing they also accept
cryptocurrencies as a means of payment.
It
is worth stressing that the information has been confirmed in a section
on Reddit by the user “ImViTo” announcing the purchase of over 800
school items and clothes with US $ 260 in Bitcoin, which would be
donated to children in need in Venezuela.
Moreover,
the retail store is adverting the acceptance of Bitcoin (BTC),
including Dash, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Likewise,
the adoption of Dash in Venezuela has exceeded 2,500 merchants, and has
turned the country into the main source of cryptocurrency wallet
downloads.
According
to Business Development head of Dash Merchant Venezuela Alejandro
Echeverría, most of the work has been done in Caracas, 95% of merchants
and users are in the capital.
“It’s
the right way to do it: focus on one specific place, prove the strategy
and then scale it. So, since we already proved that our strategy works,
we need to repeat and scale it. Also, one of the things we need to
solve is the liquidity issue. For this we already set up an alliance
with Bitnovo for the Dash remittance project. In this way, we will get
Dash into people’s hands and Dash will flow in the economy. Repeat and
scale, that’s what we need to do. Besides, we will look to onboard big
supermarkets and pharmacies,” he said.
Undoubtedly,
cryptocurrencies could help Venezuelans solve the cash shortage
overwhelming the economy; however, hyperinflation rates thwart the
massive distribution of this technology, thus benefiting few people.
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