The Venezuelan people have been forced to cope with a difficult economic situation lately. Due to this people has lost trust in government-issued fiat currency by the population in a way that many think explains the need for digital currency. This may account for why a Venezuelan department store chain accepts the digital currency, something which is a rarity to see in more rising economies.
Major department store chain Traki is operating in Venezuela for over 30 years. It incorporates 49 branches in many major cities across the nation, selling everything from food cookware to fashion.
As per its public profiles on social media, the company has started up to transactions with digital assets since October. Traki accepts payments in popular digital currencies like bitcoin, ethereum, bitcoin cash, litecoin, and dash.
Mainly due to government policies, exacerbated by a slump in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the nation is expected to expected to reach over 1 million percent by the year-end, and consumers prices are projected to rise by another 10 million percent in 2019 as per data from International Monetary Fund.
The circumstances in Venezuela has pushed many in the cryptocurrency community to try and promote digital assets as a solution to the issue unabated fiat printing has caused. Many charities have also formed, such as the Eatbch initiative.
On Friday, we got another case of digital currency being used for good in Venezuela as a Reddit user spoke of purchasing over 800 items at Traki with donated BTC. She showed a video of herself purchasing clothing and school supplies with the funds that will be gifted to kids in need.