Cryptocurrencies are becoming a more viable payment method in Venezuela

Moris Beracha
Jan 29, 2019 · 2 min read

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.

Read the original post here.

Moris Beracha

Human beings may only discover themselves by overcoming the obstacles they find along their path

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