The adoption of Bitcoin in Venezuela is growing at a rapid pace, as both the public and private sectors are opening up to it. CryptoBuyer, a local crypto services provider confirmed on Twitter that renowned fast-food chain Pizza Hut has now begun to accept payments in the form of Bitcoin in Venezuela. This move is a part of a bigger adoption drive, which is aimed at improving the functionality of the top cryptocurrency in the South American nation. The General Director of Operations for Pizza Hut in Venezuela, Richard ElKhouri said that there had been a surge in demand for Bitcoin, much like a daily necessity.
As a greater portion of the population has begun to accept the pioneer crypto, Pizza Hut believes that it is a good move on their part to start accepting payments in Bitcoin. They are using CryptoBuyer for providing this facility. With the help of this partnership, citizens will be able to make their purchases at a number of Pizza Hut locations, including Maracay, Caracas, Barquisimeto, and Maracaibo. The cryptocurrencies that will be accepted include Bitcoin, Litecoin, Ether, Binance Dollar, Binance Coin, Dai, Tether, and CryptoBuyer’s native token, XPT. The crypto services provider has been making a number of moves for improving Bitcoin’s adoption in the country after the Venezuelan government took a more positive stance over the cryptocurrency.
The crypto merchant payment service is located in Panama and is partnered with a local firm called MegaSoft, which processes payments for businesses locally. Thanks to the partnership, MegaSoft’s payment service, which is called Server, will not only accept fiat currencies but will also accept a number of cryptocurrencies as well. The partnership will allow merchants to receive their payments in cryptocurrencies and they will have the option of settling them in real-time or keeping them for future use.
The increase in the use of crypto in Venezuela comes at a time when the nation is dealing with economic crises. Last year, there came a time when hyperinflation in Venezuela had reached 10 million. Obviously, this did no favors to the country’s local currency. As sanctions have been imposed on Venezuela by the international community, it became difficult for the country to get access to currencies like the US dollar. This is where cryptocurrencies proved to be helpful. Since then, there has been a slowdown in inflation, but crypto still remains vital to the economy.
As businesses are trying to stabilize their cash flow, incorporating cryptocurrencies has become necessary for them. CryptoBuyer’s partnership with MegaSoft will certainly be helpful in this regard. The role of crypto in fighting the economic battle has also been recognized by the Venezuelan government. President Nicolas Maduro had presented a bill in September to the National Constituent Assembly that provided a potential roadmap for evading the US-imposed sanctions on the country. The bill stated that the government would study both public and private digital assets for bolstering trade. it was also a significant departure from the previous stance of the government, as they had been focused on the state-backed asset, Petro.