An endless number of economic sanctions imposed by the United States and an endless number of bad policies imposed by the Venezuelan government have led to an increasing need for Bitcoin and other cryptocurrencies in the country. This week, Pizza Hut, one of the oldest pizza chains in the country, began to accept Bitcoin and other digital currencies as payment. Pizza Hut’s customers in Venezuela began to have the option to pay for their orders with cryptocurrency.
Pizza Hut is the first Pizza place to accept crypto in Venezuela.
Pizza Hut’s move was possible because of a partnership with the Latin American crypto payments processor, Crypto Buyer. The crypto startup has been one of the most active businesses in terms of promoting cryptocurrencies in that nation, with achievements such as the launch of its first Bitcoin satellite node, the installation of Bitcoin ATMs, and the collaboration with several famous retailers in the country. Pizza Hut has now joined a growing list of companies that accept cryptocurrencies as a way to boost their finances.
Venezuelans move towards crypto as the national currency depreciates.
Venezuela faces many sanctions from the United States and the UN over political turmoil. The sanctions have driven the national currency into the ground as the country continues to face hyperinflation. The government is also promoting the use of the national digital currency petro in the country. As reported earlier, Nicolas Mudro led government in Venezuela announced that almost 15% of all fuel payments at petrol stations across the country were made using the cryptocurrency petro. The rise in the use of petro comes during the first week of the new state-backed plan to promote the oil-backed cryptocurrency’s widespread use.