Cryptocurrencies such as Bitcoin, Ethereum, DASH and Litecoin could be accepted in Venezuela as legal tender, perhaps as soon as June 1st.
According to reports, Venezuelan company MegaSoft are looking to team up with Crypto Buyer, a Panamanian cryptocurrency merchant gateway start up and together they aim to process payments for thousands of local businesses through platform called “Merchant Server.”
The South American country, which has long had economic issues due to monetary hyperinflation, is looking to adopt crypto in fierce drive that appears to have government backing.
Astonishingly, hyperinflation hit 10,000,000% last year and even though the rate has slowed in recent months, crypto is still viewed as more stable in value and easier to use.
Cryptocurrency is seen as a much more stable form of money than the Venezuelan sovereign currency, the VES, and far more convenient to use.