Venezuelan Airport To Accept Payment In Bitcoin

One of Venezuela’s major international airports is making preparations to start accepting Bitcoin as a mode of payment.

The Simón Bolívar International Airport has announced arrangements for BTC, DASH, and Venezuela’s oil-pegged crypto token – petro – for airport services.

Preparations To Adopt Cryptocurrency As Payment

Previously, Venezuelan regional news broadcasting company, El Siglo, reported that country’s largest international airport is interested in cryptocurrency as a payment method.

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Venezuela’s international airport giant, Simón Bolívar International Airport also called “Maiquetia” has announced its interest in using cryptocurrency for payments. The enormous airport is located 12 miles away from Venezuela’s capital Caracas.

Related Reading | Bank Of England Seeks To Strengthen Cryptocurrency Regulations

Freddy Borges, the director of the Maiquetia, stated that as time transits quickly, Venezuelans should also evolve. He also announced that the massive airport would be accepting numerous digital currencies as a means of payment for flight reservations and sundry other services.

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Additionally, Borges said that Maiquetia’s administrators would soon release new payment methods in collaboration with the country’s National Superintendence of Crypto Asset and Related Activities.

The adoption of digital currency payments at the airport will mark Maiquetia’s commitments towards improvements Internationally. He noted that this would also rally cryptocurrency acceptance massively within the country and worldwide.

Furthermore, the executive added that foreign tourists would take advantage of the crypto payments, including Russians.

Venezuelan Central Bank Digital Currency

Currently, Venezuela is experimenting on its Central Bank Digital Currency (CBDC), a novel crypto-asset pegged to its national currency.

The country also launched a CBDC as a Venezuelan digital Bolivar on the 1st of October. However, Venezuela’s central bank stated that the CBDC wouldn’t be worth more or less than the national token but only be used as a digitalized means of accessing the currency.



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Beginning on the 1st of October, the CBDC was launched with one Venezuelan Bolivar having an equivalent value in its digitalized form. Even banknotes from 5 to 100 bolivars had their own digitalized equivalents.

In addition, the Petro token was deployed in February 2018 as one of the country’s national digital currencies. Unlike the CBDC currency, which is backed up by the Venezuelan national currency, Petro is backed up by the nation’s oil.

Companies That Accepted Bitcoin As Payment Method

In August 2021, the Venezuelan carrier airport Turpial Airlines adopted a BTC-based payment option. Meanwhile, Caracas Air, the country’s biggest aviation training institute, offered their students discounts who paid via Bitcoin.

Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin

Also, the food industry is not slacking behind in accepting bitcoin, leveraging the crypto’s fame within the country. For example, Pizza Hut began accepting Ethereum and Bitcoin payments last year November.

Even Burger King had adopted DASH and Bitcoin as means of payment in January 2021 in over 40 of the country’s restaurants.

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Caracas Air Accepts Bitcoin (BTC) Venezuela’s Digital Coin Usage Surges

Venezuela’s leading aviation academy, Caracas Air, is now accepting BTC payments, as announced by CEO Oliver Laufer on Twitter. However, there’s a catch, those opting for this new payment method will receive discounts.

Road to Success

The company started in 2015 as Laufer’s idea, a Miami Dade College graduate, and worked with his brother to see its success. They sold everything they had 12 years ago and started a flight school, purchasing a Cessna 171 Skyhawk plane. Caracas Air currently has around 900 students and has become one of Latin America’s most rapidly expanding aviation academies.

Venezuela’s  major coins of preference are Bitcoin, Ether, Dash, and Eos. In the meantime, Binance cryptocurrency exchange had become recognized as the biggest commercial bank in the country, Banco de Venezuela. 

Inflation and Digital Coin Use Surges Rapidly

Hyperinflation has long been the menace facing Venezuela, which has been at the forefront of bitcoin adoption since the blockchain’s development. With the interesting move, Venezuela fled its national currency (Bolivia) and links to the U.S. Dollar after the death of Hugo Chavez in 2013 and chose instead to link its national currency to bitcoin

The year-on-year inflation rate alone amounted to 6,500 percent, which led Venezuelans’ savings to go up in smoke, causing an accelerated flight to the U.S. dollar. According to Ecoanalitica, a Venezuelan think tank, some 66 percent of the country’s financial transactions are now carried out in U.S. monetary terms. Simultaneously, cryptocurrency trading payments were on the rise, according to data from the Localbitcoins crypto-trading site.

The government has released the B.V. Wallet as their CBDC, where Venezuela’s current currencies can be converted into Bitcoin by any Venezuelan. The money is more stable but still wildly swings up and down the regular flows of bitcoin.

It is one of the world’s leading peer-to-peer trading countries, according to information from blockchain sleuth Chainalysis (behind only the U.S. and Russia). In big cities like Caracas, Maracaibo, or Valencia, it’s even possible to pay street vendors with digital coins. 

Not Everyone Can Access Crypto

In every country, there are economic classes, and in Venezuela, it is no different. Mainly, it is the elites and upper-middle class who can afford to dip into cryptocurrencies. The poor internet connection in many parts of the country renders the residents unable to participate in digital coin trading. For most of the population, using digital currencies is still an illusion and may remain so for a while. A wide dissatisfaction with the socialist rulers of the country has driven 5 million Venezuelans to flee their country, of a population of over 30 million.

However, cryptocurrencies are a financial lifeline for many Venezuelans since their families in exile can send money home easily and affordably. 

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