20,000 Venezuelan stores to start accepting cryptocurrencies

Cryptobuyer, a cryptocurrency payment operator, has announced a partnership with Megasoft, under which Venezuelans will be able to pay with cryptocurrencies at 20,000 points of sale in the country.

Stores, including the largest chains in the country, will use the Megasoft Merchan Server platform. Already in June, the Central Madeirense supermarket chain, Famrmatodo pharmacies, Cines Unidos cinemas and many other stores will begin accepting BTC, ETH, DASH, LTC, BNB, USDT, DAI and Cryptobuyer's own token XPT for payment.

However, the ability to pay with cryptocurrencies does not mean that a large number of Venezuelans will start using it. One of the factors that discourage citizens from using cryptocurrencies is the high volatility of digital assets, which is even more noticeable given the low incomes of the population in Venezuela.

Cryptobuyer previously partnered with local retail chain Traki. Over the past two years, fewer than 1,000 cryptocurrency transactions have been registered in 40 Traki stores, which indicates the low popularity of cryptocurrency payments among Venezuelans. However, new payment options could boost the popularity of cryptocurrency payments.

Recall that since March 17, Venezuela has declared a national quarantine in connection with the coronavirus pandemic, and against this background, Bitcoin trading volumes have noticeably increased in the country.