Burger King in Venezuela has decided to start accepting crypto payments at the fast-food chain as we are reading further in the cryptocurrency news.
The Burger King in Venezuela confirmed in a tweet on December 30, that the branch in Sambil area of Caracas now accepts Bitcoin along with other coins such as Litecoin (LTC), Ethereum (ETH), Binance Coin (BCH), Dash (DASH) as well as Tether (USDT). A total of 40 locations will follow suit in 2020 according to a blog post from the Dash executives.
The crypto buyer is a Panama-based cryptocurrency merchant startup that also runs another fleet of Bitcoin ATMs and it offers conversions of cryptocurrency funds for the businesses which will later payout in fiat currency:
“We are pleased to announce our commercial alliance with @BurgerKingVE.’’
Venezuela is still suffering from major economic turmoil and will provide rise to efforts to boost the usage in cryptocurrency. The government has also shunned borderless payment methods thus imposing heavy restrictions on foreign currency access. Petro on the other hand, the extremely controversial state-backed cryptocurrency, is the number one weapon of choice for fighting the turmoil. As reported, Petro is now the only currency accepted for some of the main services such as passports.
Burger King in Venezuela in the meantime stopped short of acknowledging its crypto foray and over the past years, the idea that Venezuelans are choosing coins such as Dash has further come under scrutiny. As many of the commentators have noted, despite the claims of the ex-Dash Core Group CEO Ryan Taylor, the altcoins are extremely popular in the country and the crypto traction increased among merchants still remains low. Similarly, the P2P trading volumes for Bitcoin reached new highs when it was denominated in Venezuela’s ailing Sovereign Bolivar and the data speaks much more of the fiat currency’s weakness than the Bitcoin adoption.
Burger King has already experimented with bitcoin in the past but it has fallen flat in the past. There were a lot of incentives in Europe and Russia that seemed to be short-lived and the acceptance disappeared soon after the launch. The Russian presence also started dedicating loyalty schemes dubbed ‘’Whoppercoin’’ which earned attention from the prosecutors of the country.
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