Large Venezuelan Department Store Chain Now Accepts Crypto

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A major Venezuelan chain of department stores now accepts cryptocurrency. And according to its social media channels – it already does since at least October.

Traki operates 49 branches all over the country. It sells anything from food to fashion and has been selling it for over 30 years. And since recently – it also accepts some of the major cryptocurrencies. You can exchange goods for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Dash (DASH) and Litecoin (LTC).

It isn’t easy for people living in Venezuela today. The International Monetary Fund (IMF) predicts that inflation may reach an incredible 1,000,000% by the end of the year. Also – according to the IMF consumer prices are expected to rise by as much as 10,000,000% in 2019.

The situation forced people to seek alternatives and many turn to cryptocurrency as a solution.

Bolivar soberano, a new Venezuelan fiat currency was issued in August, removing 5 zeros from the old bolivar. The country also made Petro its national cryptocurrency as announced by country’s president Nicolas Maduro. The new bolivar soberano has been tethered to Petro in an attempt to battle the inflation.

Unfortunately, with the current policies and an ongoing fiat printing, the situation does not look like its going to stabilise anytime soon. Fortunately, there are multiple charities operating in the country, like the eatBCH, which uses Bitcoin Cash (BCH) to help Venezuelans.

 

Images by Shutterstock.com

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