Considering there currency is junk I think using Bitcoin is a wise move. The largest department store in Venezuela, which many refer to as the “Wal-Mart” of the South American country, now accepts cryptocurrencies as a form of payment. Think of the store as one of the Wal-Mart’s you find that also has a grocery store. Traki offers clothes, food, sporting equipment, and a wide range of consumer goods people need on a regular basis.
There are 49 Traki stores located throughout Venezuela, and it makes sense that the store would begin to accept digital currencies as the country finds itself in the midst of a financial crisis. Venezuelans find themselves forced to wait in line for something as simple as withdrawing cash from an ATM.
As a result, Traki aims to give its customers an easy way to buy their goods. With cash being largely inaccessible, the department store turned to accepting new methods of payment, including cryptocurrency.
Cryptocurrency adoption throughout Venezuela has been slow to develop, even though the government has been a vocal advocate of digital currencies. While many stores accept debit cards or cash as forms of payment, only a handful accept cryptocurrencies. Therefore, consumers are limited in what they can purchase, and how they can pay for it.
For the most part, cryptocurrencies are view as a store of value in Venezeula. Citizens purchase them to protect against spikes in inflation. It’s not uncommon for inflation prices to change on a daily basis in Venezuela, with current rates astronomical. This is what makes Traki’s decision to accept cryptocurrencies so important.
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