One of Venezuela’s largest department stores has reportedly started accepting cryptocurrency payments. According to Reddit user, u/ImViTo, donations from several people allowed her to purchase over 800 items (mostly school supplies and clothing) for $260 in the flagship cryptocurrency, bitcoin.
She also noted that the Venezuelan retail store was accepting payments in dash, ether (ETH), bitcoin cash (BCH), and litecoin (LTC). Moreover, the reddit user said the generous crypto donations were a sign of “real help” and “real adoption” of digital currencies.
Bitcoin Trading Volumes Surge In Venezuela
As CryptoGlobe reported recently, bitcoin trading volumes in Venezuela through peer-to-peer (P2P) cryptocurrency exchange service LocalBitcoins have increased considerably. This may largely be attributed to the rising inflation rates in Venezuela and the country’s struggling economy.
As covered, Venezuela’s government has launched its own cryptocurrency (the Petro), however, extensive investigations have revealed that there is no evidence of the state-backed digital currency being used in international, or day-to-day transactions.
In other countries that have been a target of US-led economic sanctions, such as Iran, there are also signs of increasing cryptocurrency adoption. However, trading digital assets may no longer be as simple as it had been for Iranian citizens.