Venezuelans Can Now Use Bitcoin to Pay for Goods at 20,000 PoS Terminals

Venezuelans will now be able to use bitcoin to pay for goods and services at more than 20,000 point-of-sale (PoS) terminals throughout the struggling South American country.

This follows a deal between Panamanian crypto exchange Cryptobuyer and local payments processor Mega Soft to connect some of Venezuela’s biggest retail chains for this purpose.

Stores that are connected will all use Mega Soft’s Merchant Server platform to process payments in BTC, binance coin, dai, dash, ether, tether, and Cryptobuyer’s native token, XPT. Mega Soft processes around 18 million transactions per month in Venezuela.

The new deal is expected to go live in June, Cryptobuyer announced in a recent statement. Once payment is made, merchants have the option to immediately convert the crypto into fiat or to retain it in their digital asset accounts held with the exchange, it said.

“This … addresses the concerns of some merchants about the possibility of real exchange of cryptocurrencies in dollars…