RATE Group | Bitcoin Acceptance Skyrockets in Venezuela Amid Hyperinflation Crisis
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Bitcoin Acceptance Skyrockets in Venezuela Amid Hyperinflation Crisis

08 May Bitcoin Acceptance Skyrockets in Venezuela Amid Hyperinflation Crisis

Posted at 21:43h in Cryptocurrency News by

Over 20,000 shops and enterprises in Venezuela will reportedly start accepting crypto by June 1. This news was made available as part of an effort to drive crypto adoption in the hyperinflation-stricken country. 

Earlier today, Panama-based cryptocurrency merchant gateway startup, Cryptobuyer, announced a partnership with Venezuelan company, Mega Soft, which processes payments for thousands of local businesses via its platform called “Merchant Server”. 

The platform will now accept Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Tether (USDT), and dozens of other cryptocurrencies along fiat, thereby adopting the technology on a national scale. Merchants that are paid with cryptocurrencies will have the possibility to instantly settle them to fiat or store them for future purposes.

Bitcoin wins over fiat in unstable economies

Venezuela’s hyperinflation rate hit 10 million percent at some point last year, making it extremely inefficient to store VES, the local…

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