KFC in Venezuela is accepting payments using the cryptocurrency Dash starting this week, joining a growing list of fast-food chains that accept crypto in Venezuela, including Subway and the Papa John’s pizza chain.
KFC will initially roll out the program at its store in the Venezuelan capital of Caracas before expanding to 24 other locations across the nation, Forbes reported.
Alejandro Echeverría, the co-founder of Dash Merchant Venezuela and Dash Text, has been working with KFC for the past three months to promote more widespread adoption of Dash in the socialist South American country.
Echeverria said there are already 2,445 merchants in Venezuela that accept Dash. “The Dash movement is spreading and growing fast in Venezuela,” Echeverría said. “First it was food trucks and small family businesses that started to adopt Dash for payments. Now we’re attracting more established businesses.” In November 2018, Echeverria launched Dash Text, an SMS-based cryptocurrency transaction service that doesn’t require a smartphone or the internet, as CCN reported.
This is particularly useful in poverty-stricken Venezuela, where 60% of the population don’t own a smartphone and have limited internet connectivity.
The organization Dash Merchant Venezuela is making a major push to advance cryptocurrency adoption in Venezuela because hyperinflation has devastated the near-worthless bolivar.
The International Monetary Fund projects that Venezuela’s annual inflation rate will soon rocket to a staggering 1,000,000%, as the country’s oil production continues to plunge.