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The largest store in Venezuela, which many call the "Wal-Mart" of the South American country, now accepts crypto-currencies as a means of payment. Think of the store as one of you Wal-Mart find who also has a grocery store. Traki offers clothes, food, sports equipment, and a wide range of consumer goods people need on a regular basis.
There are 49 Traki stores across Venezuela, and it makes sense for the store to begin accepting digital currencies as the country finds itself in a financial crisis. Venezuelans are forced to wait in line for something as simple as withdrawing money from an ATM.
As a result, Traki aims to give its customers an easy way to buy their products. With the money being largely inaccessible, the department store turned to accepting new payment methods, including cryptocurrency.
Adoption of cryptocurrencies nationwide
Venezuela's adoption of cryptocurrency is slow to develop, even though the government has been a staunch defender of digital currencies. While many stores accept debit cards or cash as a means of payment, only a handful accepts cryptocurrencies. Therefore, consumers are limited in what they can buy and how they can pay for it.
For the most part, crypto-currencies are considered a store of value in Venezeula. Citizens buy them to protect themselves against the peaks of inflation. It is not uncommon for price inflation to change daily in Venezuela, with astronomical current rates. This is what makes Traki's decision to accept crypto-currencies so important.
Petro cryptocurrency
In order to circumvent the sanctions imposed by the United States, the Venezuelan government has supplied Petro. Venezuela's first official cryptocurrency relies on natural resources throughout the country. Petro's goal was to inject new revenue into the country and revitalize the economy. Unfortunately, this attempt has failed miserably because Petro is struggling with his own problems.
The Venezuelan government has announced that digital currency is a better economic solution for the country. However, Petro still needs to be made available to citizens in a practical way. Cryptocurence was launched for the third time just a few weeks ago. This time it was developed in an environment similar to Dash. The problem was that things did not go as planned.
The Venezuelan government has announced that Petro will soon be included in many of the most popular exchanges. He does not have it. The country has also announced a way for citizens to buy Petro through a savings plan. Until recently, this was not the case, which significantly limited the scope of the program.
Fortunately, Traki jumped into action, announcing that they would be willing to accept cryptocurrencies in one of their sites all over the country. Citizens have jumped at the opportunity to use a reliable currency as a method of payment for the goods they desperately need. While Bitcoin can not yet be the saving grace of centralized currencies that we have all hoped for and expected, it is without a doubt a blessing for the people of Venezuela.
Image Source: "Flickr"
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