Burger King restaurants in Venezuela now accept cryptocurrencies, according to announced A crypto company reported it last Monday.

Burger King will test the new system in its stores in the Sambil Caracas shopping center with plans to roll out the system in all 40 restaurants in the country this year 2020.

The new Burger King initiative is the result of a partnership with Cryptobuyer, the company that manufactures point-of-sale systems that Burger King will use to accept cryptocurrencies such as:

Bitcoin, Dash, Litecoin, Ethereum, Tether, BNB.

What is considered good news for fans of Burger King restaurants, but the observer of the Venezuelan economy sees that it is in a severe crisis and that purchasing power is at the bottom.

Read:Bitcoin breaks its previous peak and records a new price high

Where the hamburger of “Burger King” restaurants sells for about $2.89, equivalent to 132,500 VES. This figure represents almost half of the national minimum wage in Venezuela, which means that 2 hamburger restaurants “Burger King” are equivalent to the national minimum wage in Venezuela.

Mr. Jorge Farias, CEO of Cryptobuyer, said:

Venezuela’s combination of hyperinflation, cash shortages, and a devastated banking and telecommunications infrastructure make it an ideal land for deploying cryptocurrency solutions in the real world.

The International Monetary Fund estimated that inflation in Venezuela in 2019 reached 200 thousand%, while the economy contracted by 35%.

Given the performance of cryptocurrencies that are widely used in Venezuela, we do not find them much better than fiat currencies.

For example, the value of the Dash coin was about $80 at the beginning of 2019, while at the beginning of January 2020, it was worth $42, rising at the moment of writing this topic to $48.

In December alone, the price of the Dash coin fell by nearly 20%.

However, Venezuela is a region that supports digital currencies, as the country has issued its own cryptocurrency, the “Petro” currency.

Read:Argentine President: There is no reason to prevent the adoption and adoption of Bitcoin

Government officials say Petro is accepted at about 100 stores.

And the state announced plans to offer 0.5 Petro to eligible citizens such as:

Retirees, public sector workers, and military personnel

The value of 0.5 petro is equivalent to about five times the minimum monthly wage.

Venezuela prepares to distribute free “airdrop” petro currency next week

Read also:

Venezuelan President: You can use the “Petro” digital currency to buy oil and gold