- Burger King Venezuela has partnered with the Cryptobuyer platform to accept payments in Bitcoin, Ethereum and other altcoins.
- The economic situation in Venezuela is critical and continues to drive the adoption of cryptocurrencies in everyday life.
The fast food chain Burger King has entered into a partnership that enables it to receive payments in cryptocurrencies in Venezuela. The country’s residents living in the greater Caracas area will be able to pay with Bitcoin, Ethereum, BNB, Litecoin, Dash and Tether. The cooperation represents a new use case in the Latin American country and was celebrated by prominent personalities from the crypto space.
Pay for a burger with Bitcoin, Ethereum, BNB
The most recent announcement initially only refers to one store in Caracas, which is located in the Sambil shopping centre. However, the announcement includes the expansion of the commercial partnership to the 40 Burger King stores located across the country. Prominent members of crypo space have expressed their excitement about the partnership. Dash Core CEO Ryan Taylor said:
We are happy to collaborate with Cryptobuyer to keep growing the Dash ecosystem and serve Burger King and its customers.
The CEO of the crypto exchange Binance Changpeng Zhao was also enthusiastic about the cooperation and stressed the importance of the partnership. Cryptobuyer is a Panamanian based payment platform with a significant position in the operation of ATMs with cryptocurrencies. Jorge Farias, CEO of Cryptobuyer, spoke about the economic situation in Venezuela and how the country presents an ideal situation for the implementation of use cases that serve as an alternative to the traditional financial system:
Venezuela portraits a mix of situations that make it a perfect ground to deploy real-world cryptocurrency solutions, such as hyperinflation, cash shortages, deteriorated banking and communication infrastructure. The factors,in conjunction with the government’s initiative to use cryptocurrency as a payment method, will push use and adoption of these cutting-edge technologies, and we are really proud to lead this push.
However, the announcements have yet to materialize. In the past, other fast food chains also have committed to implementing payment methods in cryptocurrencies and the initiatives have been unsuccessful.
— Cryptobuyer (@cryptobuyer) December 30, 2019
Venezuelans’ preference for Bitcoin over Petro
The statement of the CEO of the cryptobuyer is important for understanding the special case of Venezuela. The South American country has been in a severe economic recession for several years, which has affected business activities. In addition to the consequences of poor economic policies, the country suffers from hyperinflation and a loss of purchasing power, among other things.
Venezuelans have had to resort to viable alternatives that offer the trust, transparency and freedom that the government does not provide. For this reason, Venezuela continues to set new records for trading with Bitcoin on peer-to-peer platforms like LocalBitcoins. The last weeks of December saw a 15% increase in BTC’s trading volume, approximately $24 million.
The digital coin, Petro, launched by the government has not had the desired effect by local authorities. Instead of being an alternative for managing the economic crisis, it has become a tool for state surveillance and control. Bitcoin continues to be preferred by Venezuelans.