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Crypto to Become Accepted Means of Payment Across Venezuela

By Robin Wong | May 8, 2020
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Crypto has reportedly been added to the list of means of payments across more than 20,000 Venezuela-based stores and businesses, starting June 1st. 

Specifically, the initiative – an attempt to boost crypto adoption rate in the nation – was reportedly made possible via a forged alliance among Cryptobuyer and local firm Mega Soft – specialised in payment process for thousands of companies, using its “Merchant Server” platform. 

Bitcoin (BTC), Ether (ETH), Dash (DASH), Litecoin (LTC), Tether (USDT), along with 12 more crypto and fiat coins, have reportedly been added to the list of payment options, allowing for a nation-wide tech adoption. Merchants that choose crypto-enabled payments will reportedly have the power to settle them in fiat or keep them safe away for future uses. 

“The use of cash like US Dollars is complicated by many times not having the necessary change at the time of a purchase forcing people to buy more products than they need is here where the use of cryptocurrencies is much more versatile in countries where payment systems are inefficient” Farias reportedly shared regarding how crypto is a medium of exchange with an appropriate level of stability. 

Cryptobuyer’s platform has reportedly been utilized by “over 400 store” throughout Venezuela, including one of Burger King stores located in the Sambil area of Caracas.

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