Venezuela's answer to Walmart has started to accept Bitcoin

18 Nov, 2018
by Will Heasman
Venezuela's answer to Walmart has started to accept Bitcoin

According to a post on Reddit, a real push for adoption is unfurling in Venezuala, with one of the countries major department stores, known as Traki, accepting cryptocurrency as payment.

The post on Reddit emanates from a philanthropic user known as ImViTo, who raised money via cryptocurrency in order to by supplies to help those in need following the country's economic crisis:

Adoption! A Big Venezuelan deparment store chain started accepting crypto as payment! Thanks to your donations I bought with $260 in BTC over 800+ items (school supplies and clothing) to be donated here in Venezuela to kids in need! Real Adoption and Real Help! from r/Bitcoin

Traki is said to accept Bitcoin, Dash, Litecoin, Ethereum and Bitcoin cash in all 49 of its stores throughout Venezuela. Thanks to this initiative the Redditor was able to purchase 884 provisions, such as school supplies and clothing for just $260 in BTC.

Though hyperinflation still ravages the country, it appears that cryptocurrencies are taking a more active role with a worthwhile use case. Its widely known that Bitcoin used as a safe haven when red flags started to appears surrounding the countries economic standing.

Cryptocurrency donations coupled with actions form businesses such as Traki, are helping the situation immensely, unlike the Petro which continues to be a flop. The cryptocurrency was introduced to quell the economic crisis within the country and is supposedly backed by oil and gold reserves, something which has has been heavily disputed.

Read more: Venezuelans can convert Petro into other cryptos if they invest before 2019EXCLUSIVE: Ripio CEO on future of crypto in Venezuela: 'Petro is a scam'

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