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The Venezuelan crisis has already affected millions of individuals in the country. The country has the highest inflation in the world and it does not seem to have an end. This is why some companies in Venezuela decided to start accepting digital currencies. Farmarket, a pharmacy franchise with 22 stores in the country decided to start accepting cryptocurrencies for goods.
Venezuelans Can Pay For Pharmaceutical Goods With Crypto
According to a press release, the payment processor Xpay decided to expand its services from Colombia to Venezuela. The goal is to increase the number of shops and merchants accepting cryptocurrencies for goods and also services.
The goal is to reach all the stores of this pharmacy but the initial test will take place in three points in Caracas. As per the blog post, this is just the beginning of a larger expansion that they are planning in the country.
The press release reads as follows:
“This network of shops is going to be the first Venezuelan chain to adopt this payments processor and integrating itself into the new financial technologies; in addition to it, its integration to the conglomerate of commerces accepting digital currencies through Xpay, was able to be achieved after a period of preparations.”
La expansión de los puntos de venta físicos para pagos con #Bitcoin y #criptomonedas se está afianzando en nuestro país. El equipo de Panda Group dio a conocer la instalación de uno de sus puntos de venta físicos, en la cadena farmacéutica venezolana Farmarket, en Caracas. pic.twitter.com/gALWiIZlaZ
— Petro Divisa🌐 (@PetroDivisa) August 26, 2019
At the moment, Xpay is being used in over 20 locations in Venezuela that accept payments through cryptocurrencies. Most of them can be found in Caracas and Mérida. Xpay has been working in order to expand the number of merchants and shops accepting digital assets both in Colombia and Venezuela.
The main goal is to help Venezuelans make and receive payments in a fast and easy way. The local currency in the country is almost impossible to be used, carried or moved. Banks are also controlled by the government despite there are private companies.
Virtual currencies have been accepted in the country in many different shops and places. By using Bitcoin, individuals do not have to be worried about the government’s interference and issues related to handling large sums of cash.
The country has also had many problems with pharmaceutical goods and other basic personal care elements. Oncologic medicines for specific cases of cancer were not available for the population unless they purchased these drugs through the black market. Basic things such as toilet paper or toothpaste were also not available in many shops.
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