Outside the government, the latest company to adopt crypto as a means of payment in Venezuela is the American multinational chain of hamburger fast food restaurants, Burger King.
The economically embattled, country continues to fight through its hurdles with the adoption of cryptocurrency.
This adoption of Bitcoin by Burge King was confirmed in a tweet on Dec.30, by partner company Cryptobuyer.
Burger King branch located in Caracas started accepting crypto payment since 2019 and was the first branch to do so as other branches follow suite 2020.
However, crypto payment became acceptable in this restaurant thanks to its partnership with Cryptobuyer, a payment processing company.
This partnership ensured outside Bitcoin (BTC), other altcoins such as Litecoin (LTC), Ether (ETH), Dash (DASH), Binance Coin (BNB) and stablecoin Tether (USDT) can be used as a means of payment.
Outside Burger King, Cryptobuyer has partnered with many other retail stores in Venezuela, including departmental store Taki and electronics store Credimport.
The payment processing company also offers solutions to convert crypto for fiat currencies as there are crypto ATMs in Panama and online portals.
Crypto in Venezuela
It is no longer news that Venezuelans have started adopting cryptocurrencies as their means of daily exchange.
They now transact in crypto owing to economic challenges as the government also supports it.
Venezuela’s government reportedly is trying to incorporate crypto into the daily lives of citizens as certain government services are paid for using crypto.
The government also launched its own cryptocurrency “Petro” as it paid pensioners and civil servant bonuses in crypto to ensure its adoption.
The Venezuelan government has begun to use these cryptos to continue to fight through its economic hurdles likewise citizens.
Alongside this, the government is blocking citizens’ access to foreign currencies and borderless payments.
These are structures put in place to give Petro an edge and would help in countering the nation’s financial setback.
Reportedly, Burger King is not the first company in the South American country to accept crypto payments.
Many local shops have been accepting crypto for a while now, as big companies also have keyed in.
Among these companies are fast-food chain KFC reportedly accepting dash as a payment option while sandwich chain Subway and pizza franchise Papa John’s also accept crypto.
Before now, the perception that people of Venezuela are shifting towards Dash coin is also being inspected.
Former CEO of the Dash Core Group Ryan Taylor, in his reaction, said Dash coin had the most influence in Venezuela.
However, Taylor mentioned that crypto usage amongst the country’s traders is still minimal.