Mass Adoption Of Crypto In Venezuela

Ushering In A New Age In Venezuela

The massive adoption of cryptocurrencies and the dream of cryptocurrencies becoming the alternative payment method to traditional methods is becoming a great reality in at least some countries, the possession, exchange and use as a means of payment for services every It is becoming more regular as interest in cryptocurrencies around the world increases.

In Venezuela, the Merchant Server platform of the payment processor Mega Soft, opened the possibility for more than 20 thousand merchants that use this platform throughout the national territory, to activate the payment function with cryptocurrencies, this through an alliance with Cryptobuyer a Panamanian startup and money exchange.

Details Of The Process

According to Mega Soft executives, the equipment configuration is underway and it is expected that they will be operational next June, commercial establishments that wish to receive payments with cryptocurrencies must request it to be activated and start receiving payments with bitcoin, ether, litecoin or Dash, among others.

“Merchant Server is our platform that works in stores, in the cash registers where payments for products or services are processed. These teams have already started to be updated, but each establishment must request their activation to process payments with cryptocurrencies. Each business must evaluate whether or not it is convenient to accept this type of payment ”

The executive César Hernández, director and partner of Mega Soft stood out.

I must emphasize that it is not an installation of new devices, this process will be carried out by updating the Merchant Server platform of Mega Soft that will be enabled to process payments with crypto assets.

In this way, the use of cryptocurrencies as an alternative to real payment in our country would be encouraged.

venezuela crypto adoption

Payment System Operation

For the person who owns and wants to pay for their service or their products with cryptocurrencies, the process is relatively simple, you should only go to the cashier of the establishment where they accept this type of payment, indicating that you want to pay from your mobile wallet. The cashier indicates to the system that the payment with Bitcoin will be processed, for example, and a QR code is generated to send the transaction from the client’s portfolio to that of the business.

Venezuela has positioned itself in recent years as a country with high volumes of cryptocurrency transactions, allegedly due to remittances that come from abroad to family members who are in Venezuela and who choose this method for the advantages it offers, as well as the freedom to drive. and protect your funds.

Another hypothesis that is used is that the national government uses these platforms and cryptocurrencies as a way to evade and minimize the effect of US sanctions.

Although most of these statements are speculations, there is a real fact and that is that the use of cryptocurrencies in Venezuela continues to increase, this has caused some companies dedicated to exchange and linked to any process of crypto assets to turn their gaze towards our country, a fact that continues to pave the way for mass adoption.

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