Burger King accepts payments with 6 different cryptocurrencies in Venezuela
Amid hyperinflation and the economic crisis in Venezuela, Burger King has decided to accept cryptocurrency payments in partnership with Cryptobuyer in all of its 40 stores in the country. Merchants in Venezuela are turning to cryptocurrency adoption amid the ongoing economic crisis in the country. The latest reports suggest that burger giant Burger King is now accepting cryptocurrency payments in Venezuela.
For this, Burger King has partnered with Cryptobuyer, a cryptocurrency payment solutions company based in Panama to accept payments. Therefore, Cryptobuyer will now act as the payment gateway for Burger King's clientele. Reports suggest that the association's first trial took place last week on December 30, in a shopping center in the Venezuelan capital, Caracas.
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Cryptobuyer as a payment solution for Burger King's crypto-clients
After successful testing, Burger King is likely to implement this system in all forty restaurants in Venezuela in 2020. Burger King will use point-of-sale terminals made by cryptocurrency buyers. This system will accept crypto payments in different cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dash, Tether, and BNB.
With hyperinflation raging, the Venezuelan Bolivar has collapsed like everything else. Cryptobuyer CEO Jorge Farías stated that cash shortage and hyperinflation issues have completely ruined the country's banking system. Therefore, he believes that this is a "perfect terrain for implementing cryptocurrency solutions in the real world.”
Venezuela and cryptocurrencies
With US sanctions paralyzing the Venezuelan economy, the country's president, Nicolás Maduro, also launched his native cryptocurrency Petro in 2018. Petro was a clear attempt to avoid the impact of US sanctions. However, the Venezuelan government lacks much more to see the Petro in everyone's hands, despite its latest efforts.
Venezuela has been pressuring its citizens to use the Petro. Government officials say that nearly 100 stores in the country now accept the native cryptocurrency. Farias said:
“These factors, along with the government’s initiative to use cryptocurrency as a payment method, will drive the use and adoption of these cutting-edge technologies, and we are truly proud to lead this push.”
Venezuela with a failed economy are ideal conditions for the adoption of cryptocurrencies, however, that is far from being a reality. While it is true that Bitcoin could solve problems, especially those related to electronic payments, the lack of information and the fear of using a technology that lacks trust, it keeps the common citizenry away.
Bitcoin, Venezuela and Andreas Antonopoulos
Recently in the last issue of thebitconf In an interview, the maximalist Bitcoiner and author of the book Internet del Dinero, Andreas Antonopoulos declared to Carelin García:
"Today, not enough people can access that escape. Bitcoin is not ready to help Venezuela. Venezuela is not ready for Bitcoin. It's unfortunate, right? Just as in its early days the internet did not help any revolution or democracy "
However, he was not entirely pessimistic, and believes that: “It gives people more and more opportunities to see that the world is different. That a lot of human behavior begins when you see that you have other options. Just knowing that another option exists is very liberating."
