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Economy
The people of Venezuela have been forced to face an increasingly difficult economic situation in recent years. This has led to a loss of trust in government capital by the population in a way that many consider exemplifying the need for cryptocurrency. This may explain why a large chain of Venezuelan department stores accepts cryptocurrency, which is rare to see in the more prosperous economies.
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Traki accepts cryptocurrency payments
Traki is a large chain of department stores operating in Venezuela for over 30 years. It includes 49 branches in many large cities across the country, selling everything from fashion to food and cookware.
According to its public profiles on social media, the company has opened to transactions with digital resources at least since October. Traki accepts payments in a series of popular cryptocurrencies, including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).
¡En nuestras tiendas estamos aceptando #Criptomonedas as a page shape! #Bitcoin #DashCcs #Ethereum #Litecoin #BitcoinCash #Venezuela pic.twitter.com/xS9mFlL2zo
– Traki (@TRAKIenganchate) 11 October 2018
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<img class = "alignright size-medium wp-image-247362″ title=”The chain of the Venezuelan department store accepts Criptovaluta” src=”https://news.bitcoin.com/wp-content/uploads/2018/11/crypto-shopping-venezuela-300×188.jpg” alt=”The great chain of the Venezuelan department store accepts Criptovaluta "width =" 300 "height =" 188 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/11/crypto-shopping-venezuela-300×188 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/11/crypto-shopping-venezuela-768×480.jpg 768w, https://news.bitcoin.com/wp-content/uploads / 2018 /11/crypto-shopping-venezuela-1024×640.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/11/crypto-shopping-venezuela-696×435.jpg 696w, https: / / news .bitcoin.com / wp-content / uploads / 2018/11 / crypto-shopping-venezuela-1392×870.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/11/crypto- shopping- venezuela-1068×668.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2018/11/crypto-shopping-venezuela-672×420.jpg 672w "sizes =" (maximum width: 300px) 100vw , 300px”/>Due to a large part of government policies, exacerbated by a decline in revenues from oil exports, the Venezuelan economy has been declining for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are expected to increase by another ten million percent in 2019 according to recent data from the International Monetary Fund.
The situation in Venezuela has led many in the crypto community to try to promote digital resources as a solution to the problem that printing in fairies has not caused. We have also formed a number of charities, such as the Eatbch initiative we recently reported.
Last Friday, we received another example of cryptocurrency that was used forever in Venezuela while a Reddit user spoke about buying over 800 articles to Traki with the donated BTC. She showed a video of herself buying clothes and school supplies with funds that will be donated to needy children.
Is the economic situation in Venezuela able to convince more people in the country to turn into cryptocurrency? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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