Venezuela Might Be The Leading Country In Terms Of Crypto Adoption

While most of the world countries and entities are making slight attempts to enlarge their cryptocurrency adoption, Venezuela might be way ahead.

Judging by the past year, the dictatorship country has been quite favorable towards Bitcoin and other digital assets, with increased trading volume, and its own cryptocurrency to be used in oil trades.

Most recently, the Burger King food chain will allow clients to make purchases with several different cryptos, including Bitcoin, thanks to a partnership with Cryptobuyer.

ADVERTISEMENT

Pay your Whopper with Bitcoin

The popular cryptocurrency gateway, CryptoBuyer, recently announced on a new partnership with Burger King Venezuela. Effective immediately, customers can use some of the most popular cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, Binance Coin, Dash, and Tether, to make purchases in one location in the capital Caracas.

Dash goes even further, announcing that there will be 40 Burger King locations throughout the whole country that will provide the same payment options.

“Burger King has been training its teams and stores during the past weeks and will slowly roll out Dash payments into all stores in Venezuela, with plans to also accept the other cryptocurrencies in Cryptobuyer’s portfolio.”, according to the announcement.

Cryptobuyer’s CEO, Jorge Farias, also appeared inspired by Venezuela’s growth in adopting cryptocurrencies as a primary method of payment, saying that “it’s ahead of the curve.”

Venezuela’s Petro To Have A Real Role

The political turmoil in the country, leading to a brutal inflation rate of thousands and even millions of percentages in a single month, could be the reason why Venezuela is slowly turning to digital assets.

Initially, it launched Petro to serve as its own cryptocurrency. It had a slow start, but as of recently, President Madura reassured the public that some of the most valuable assets the country has, like oil, iron, aluminum, and gold, will be sold in Petros.

“We are going to sell Venezuelan oil in Petros. We are already selling the iron and steel of Venezuela in Petros. We also have signed a contract for the sale of oil, steel, iron, aluminum, and we are going to sell part of the gold production in Petros, as well,” – informed President Maduro.

Rising Volumes Of Venezuela

However, the country doesn’t show attraction just towards its own Petro cryptocurrency: Bitcoin appears to be among the most desired assets in Venezuela, especially if one takes a look at the peer-to-peer trading volume.

Cryptopotato reported recently that the country has recorded, again, a new all-time high regarding Bitcoin’s trading volume. The picture above also shows that it’s not a one-time thing, as the volume seems to be on the rise continuously.

It’s also worth noting that President Maduro previously said that the country would start accepting Bitcoin and Ethereum as official payment forms for national and international transactions through the central bank.