Recently, the Venezuelan government have been making great efforts to push the adoption of its official crypto and other popular cryptos. In light of this, a major departmental store in the country has started accepting cryptocurrencies as a substitute for the government-issued fiat. The name of the departmental store in question is Traki.
Traki Starts Accepting Cryptos
Venezuela which is under intense U.S sanction and is currently going through a hyperinflation has recently launched its own state-backed cryptocurrency— Petro.
The function of this coin is centred on helping the country get out of its current hyperinflation. The coin will also help it circumvent its current U.S sanction. Since the coin officially got launched and became listed on six exchanges for trading, the coin has seen several use cases. The launching of the coin has also allowed for a wide use of cryptos in the country.
A perfect example of this is the recent acceptance of Cryptos at a large departmental store in the country. This move by the Venezuelan department store chain is expected to further necessitate the use of the cryptos by the general public.
Traki have been in existence for more than 30 years. The large chain store has about 49 branches in many major cities across the country. The store is a hot spot for items ranging from kitchen utensils to fashion products.
Based on a recent report from the store, the store stated accepting digital assets since October 2018.
Currently, Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).
One Million Percent Inflation
This latest development has been credited as a perfect way through which the country can crawl out of its ranging Inflation. According to recent data from the International Monetary Fund (IMF), the country’s inflation rate is expected to reach over one million percent by the end of 2018.