Pharmacy Stores In Venezuela Implement Crypto Payments For Clients To Pay For Goods | UseTheBitcoin

Pharmacy Stores In Venezuela Implement Crypto Payments For Clients To Pay For Goods

Avatar · in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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.”

https://twitter.com/PetroDivisa/status/1166131364846100480?s=20

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. 

Try Out Binance Today

For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.

Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!

Build a winning crypto portfolio
Free report teaches how to structure your crypto portfolio, so you can maximize gains and minimize losses.