Venezuela is the next county in the row of adoption of Bitcoin for buying goods and services. Now citizens of this country could easily pay for transactions at retail stores using Bitcoin. More than 20,000 Point of Sale (POS) terminals has been installed throughout the country to facilitate digital currency payment.
A deal between crypto exchange Cryptobuyer and local payments giant Mega Soft has enabled the Bitcoin payment throughout the country. With this deal, Mega Soft will connect some top retail chains and suppliers of Venezuela through Mega Soft’s Merchant Server platform to facilitate payment in BTC. Apart from BTC, these POS terminals at retail stores will also accept payment in other digital currencies such as BNB (Binance coin), Dai, Dash, ETH, Teather, and native token of Cryptobuyer exchange. Although the deal has been finalized, this payment option is expected to be live not until June 2020.
As per Cryptobuyer, the merchant has the option to keep the received payments in digital currencies to covert them instantly in fiat. Cryptobuyer facilitates the wallet facility to store the crypto for a longer time if a merchant wants to retain them.
Venezuela’s economy is struggling with constant political conflicts and massive inflation. Considering these factors, major retail chains like Burger King and Samsung is already accepting payments in cryptocurrencies through Cryptobuyer. According to the CEO of this Panama based crypto exchange, Cryptobuyer is working to connect more than 100,000 merchants through virtual currency payments.
The crypto payment is one of the most viable options to pay in Venezuela, where the worth of its national fiat currency is not more than a paper after years of enormous inflation. Despite much resistance from the government authority, Venezuela has shown an interest in utilizing digital currencies as a preferable mode of payment. This step would be another milestone in realizing the actual goal of the creation of Bitcoin.