Photo: by NICOLAS TUCAT / AFP via Getty Images). / AFP / Getty Images
In the city of Caracas, payment with cryptocurrencies is increasingly common in commercial businesses. But it is not only about the local cryptocurrency, the Petro, but they also accept other cryptocurrencies such as bitcoin, dash, ethereum, litecoin, theter, XPT and others.
The areas that are accepting payments with cryptocurrencies are: Food stores, shipping services, sporting goods, clothing, footwear, and even real estate. And the most used platforms to pay with cryptocurrencies are different digital wallets and a so-called biopayment or cryptobuyer.
Where you can pay with crypto assets in Caracas:
- Traki department stores, in almost all its branches in Caracas.
- Food business “Tu Cachapa” in Caricuao.
- KMC Clinical Laboratory, this is also in Caracas but they only accept dash.
- Farmarato pharmacies.
- The Internet Institute, dedicated to the training of digital marketing and social networks.
- Gina and Bambino shoe stores network.
- The car rental chain Amigo’s Car Rental.
- Excelsior Gama and Central Madeirense supermarkets.
- Cable TV service, Simple TV.
- Aragbi technology store, in the town of Catia, Caracas.
- The burger chain Burger King, through the cryptobuyer platform.
- The Pizza Hut chain.
- Bio markets.
- The chain of cinemas Cines Unidos.
- Restaurants Chicken Riviera.
- Buddha Bar.
Most of these businesses accept up to more than 5 different cryptocurrencies: bitcoin, cryptobuyer (XPT), dash, ethereum, litecoin, BNB, tether and DAI. There is talk of approximately 20,000 stores that allow payments with cryptocurrencies.
On the other hand, certain private professional services have decided to accept cryptocurrencies as a form of payment, especially those that from Venezuela are provided elsewhere on the continent.
A lawyer explains to a local newspaper that he has served Venezuelans living in Argentina, for example, and that they have had no problems offering payments in bitcoins.
Venezuela is a country in which the local currency has a devaluation of almost 2,000 percent, and the dollar has been the currency that has been implemented in parallel to survive, but it does not have legal tender issued by the state. However, it is difficult to make a payment.
Stations of the Cross to pay a bill in Venezuela
In a store you can pay in bolivars or in US currency, in cash or by debit or credit card. If you do it in cash, both in bolivars and dollars, it is complicated. Generally there is never change and shops ask you to “round or complete” the purchase with other items. That is, they make you spend more than estimated.
Other stores accept wire transfer payments, but it takes time to send the screenshot to show that the transaction was made; or that a manager appears to approve the transaction or to provide the machine for the international card, or to offer change, if there is one.
In Venezuela making a purchase can take 30 minutes, making the payment and receiving the change of it can take up to 45 minutes. Although that does not seem to bother the Venezuelan, many prefer to make life easier and pay with cryptocurrencies. Although we do not know how “simple” it can be.
Thus, The option to pay in crypto assets for some Venezuelans seems positive, and the central government has decided to pay the bonuses to its employees with the local cryptocurrency, the petro. The crypto ecosystem has turned out to be a good collection system for merchants in the absence of cash, both dollars and bolivars.
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