Venezuela: starting in June, over 20,000 merchants will accept cryptocurrencies

Venezuela: starting in June, over 20,000 merchants will accept cryptocurrencies

By NikScla | FOMO5K | 11 May 2020


As of June 1, over 20,000 businesses and stores in Venezuela will begin accepting cryptocurrency payments, in order to counter the terrible inflation that has hit the country's economy.

Today, in fact, Cryptobuyer, crypto gateway for merchants, has announced a collaboration with Mega Soft, a Venezuelan company that processes payments for thousands of local companies through a platform called "Merchant Server".

Starting from June, this platform will no longer accept only fiat money, but also Bitcoin (BTC), Ether (ETH), Dash (DASH), Litecoin (LTC), Tether (USDT) and another dozen cryptocurrencies across the country. national. Merchants who obtain cryptocurrency payments can automatically convert them to traditional money, or keep them for future use.

 

Bitcoin better than the dollar in unstable economies
Last year, the hyperinflation rate in Venezuela peaked at 10,000,000%, making it detrimental for its finances to keep VES, Venezuela's national currency, for more than a day. Since then, inflation has fallen significantly, but cryptocurrencies remain a very popular and decidedly more stable trading tool.

 

the solution created by Cryptobuyer has already been adopted by "over 400 stores" in Venezuela, including a Burger King branch in Caracas. Thanks to the collaboration with Mega Soft, the number of supported merchants will soon grow to 20,000. "Most will become operational by June," said the CEO.

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