Venezuela’s economy is currently going through a phase of hyperinflation which is getting quite alarming by the passing days. Concerning this, one of the crypto-based startups, Cryptobuyer has partnered with Mega Soft which is a Venezuelan company. This partnership will provide a facility to process payments for local businesses with the help of a platform named Merchant Server. This has been a major step to increase crypto adoption during the time of hyperinflation in the country.
Cryptobuyer will accept major cryptocurrency along with Fiat
With this latest announcement, it has also been specified that Cryptobuyer will accept various famous cryptocurrencies including Bitcoin, Tether, Litecoin and many others. Along with these cryptocurrencies, it will also include the fiat currencies. All those merchants who will receive cryptocurrencies will be able to convert them to fiat instantly.
Due to the hyperinflation in the country, it is getting highly difficult to store the local currency of the nation. Amid this, cryptocurrencies are emerging as one of the most stable media of exchange across Venezuela as it has been used to buy daily essentials in the country. Not only Venezuela but cryptocurrency is becoming highly versatile in other countries also where the payment system is not efficient.
Companies are starting crypto-friendly system across different businesses
It has been noted that a lot of stores which are more than 400 have already started using the service offered by Cryptobuyer. With this, it also came out that various companies will now start a crypto-friendly system for making payments across various businesses. Most of the affiliated local businesses across the country will start operating this cryptosystem from June. This is not only a move that will help to correct the hyperinflation situation as it will be a great step for a wider crypto adoption across the country. This is great news for the whole crypto industry as the whole nation will be moving towards cryptocurrency by ditching fiat.
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