Burger King Accepts Crypto! Burger King Accepts Crypto in Venezuela, according to Crypto Company Cryptobuyer. Burger King will trial the system at its Sambil Caracas shopping mall with plans to roll out the system to the country’s forty restaurants by end of 2020.
Nos complace anunciar nuestra alianza comercial con @BurgerKingVE. A partir de hoy podrás comer como un rey y a tu manera pagando con #bitcoin #dash #litecoin #ethereum $BNB y #tether.
Disponible sólo en CC Sambil #Caracas#Venezuela @30Dic #FelizLunes pic.twitter.com/wOreB9wDPM
— Cryptobuyer (@cryptobuyer) December 30, 2019
The initiative is the result of a partnership between Cryptobuyer and Burger King. Burger King will accept Bitcoin, Dash, Litecoin, Ethereum, BNB, and Tether. Burger King now joins a community of like-minded companies such as KFC, Papa Johns, and Subway.
While this is good news for the cryptocurrency community – this is indicative of a major problem in Venezuela. Venezuela has the largest oil reserves in the world – yet their economy is in shambles. The price of a hamburger costs 132,500 VES ($2.89) or roughly 45% of the country’s national minimum wage – 300,000 VES ($6.55).
Cryptobuyer CEO Jorge Farias says that Venezuela’s mix of hyperinflation, cash shortages, and ruined banking and communication infrastructure make it a “perfect ground to deploy real-world cryptocurrency solutions.”
The International Monetary Fund estimates that inflation in Venezuela reached 200,000 percent while the economy contracted 35% in 2019. Cryptocurrencies are not faring much better – Dash was worth around $80.00 at the start of 2019, and as of yesterday, it’s worth about $42. In December alone, Dash dropped nearly 20%.
But cryptocurrency and crypto companies are eyeing Venezuela as prime territory. The Petro, the country’s issued crypto, says it is accepted at nearly 100 stores, and the state plans on giving away 0.5 petros to eligible citizens, such as retirees, pensioners, public sector workers, military personnel.
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