Cryptocurrencies are transforming from a niche concern into a significant feature of Venezuela’s economy, as locals see the blockchain as a bulwark against their cratering currency and a government crackdown on black market dollars.
Shops from family-run independents to nationwide chains are taking payments through digital wallet platforms such as Binance and Airtm. Some businesses are using it to pay staff. And one of the country’s top universities now offers a course on the sector.
“There’s lots of places accepting it now,” said shopper Victor Sousa as he paid for phone accessories with USDT, a stablecoin pegged to the dollar. “The plan is to one day have my savings in crypto.”
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