A milestone for adoption in Venezuela has happened recently. One of the biggest department stores in the country, TRAKI, has started to accept cryptocurrencies as a payment method in their stores. This as a way of pushing adoption in a country that is facing a cash crisis.
Traki Accepts Cryptocurrencies
Traki, the biggest department store of Venezuela, is now accepting cryptocurrencies as a payment method. Sometimes referred to as the Venezuelan “Wal-Mart”, Traki is a department store that offers everything from food, clothes and even camping articles. It is one of the most complete stores in the country.
With 49 stores all around the country, its initiative of accepting cryptocurrencies seems perfect now that the country is going through a cash crisis. People must wait in line for several hours to withdraw money from ATMs. TRAKI wants people to buy their goods easily, and that is why they have adopted these new forms of payment.
The State Of Cryptocurrency Adoption
While the government of Venezuela has been an advocate of cryptocurrencies, this has not translated to real adoption. Most stores just accept cash or debit cards. Only some stores accept cryptocurrencies as payment for their goods and services.
Cryptocurrencies are mostly as a store of value there. Venezuelans buy them to protect themselves from the raging inflation. Inflation rates are sky high, with prices changing even daily. That is the reason that the Traki proposal is so important.
The Venezuelan government proposed the Petro, the first official cryptocurrency backed by natural resources as an alternative to sidestep USA sanctions. This would give the country a fresh income of foreign money to revitalize Venezuela’s lost economy. But this focus has failed too because the Petro has problems of its own.
The Petro Cryptocurrency
While being advertised as the alternative for a better Venezuelan economy, the Petro is still non-present for Venezuelans in the practical sense. Last month the cryptocurrency was launched by the third time, now based in a dash-like infrastructure. But things did not go down as expected.
The government announced that it will be listed on several international exchanges, and that did not happen. They also announced a savings plan for locals to buy Petros, but till now the Petro cannot be acquired with local currency, limiting the reach of this program.
The Venezuelan government has also forced people to pay passports in Petros. This has put people in a difficult situation. Confusion and angst invade people in need of a passport.