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Venezuela Businesses Resort to Cryptocurrencies Amidst Hyperinflation

Yiran Dai

Summary: More than 20,000 companies and stores in Venezuela will start to accept crypto payment by June 1.

According to Cointelegraph, more than 20,000 companies and stores in Venezuela will start to accept crypto payment by June 1. Cryptobuyer, Panama-based digital asset gateway, announced a collaboration with Mega Soft, whose “Merchant Server” platform processes payments of thousands of local businesses. The nationwide partnership will allow merchants who use the platform to cash out crypto payments they receive immediately.

Cryptocurrencies may function as a solution to Venezuela’s lasting hyperinflation due to socioeconomic and political crises. Last year witnessed the inflation rate of VEF hit 10 million percent, along with other issues like corruption and food shortages.

By Yiran Dai

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