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Venezuela’s Maiquetia Airport to Accept Bitcoin and Crypto for Ticket Sales

According to multiple sources, one of Venezuela’s international airports is accepting Bitcoin and other crypto payment options for ticket sales amid the growing popularity of digital assets.

Venezuela’s international airport accepts Bitcoin ($ BTC)

Simon Bolivar International Airport is reportedly working to allow cryptocurrency payments in accordance with local regulations. The airport is located in the center of the capital Caracas.

Freddy Borges. The director at the airport says they look forward to the introduction of $ BTC, $ DASH, and even local oil-linked digital currencies. Borges said

“We have to move forward in these new economic and technological systems in order to be accessible.”

Venezuela is a prime example of what a centralized and corrupt system can do to one of the richest countries in the world. Venezuela has some of the largest oil and diamond reserves and was once considered a developed rich country. However, corruption combined with financial mismanagement has resulted in the greatest hyperinflation in the modern world. As a result, the value of the Bolivarian currency continued to decline, so bills were thrown on the street and used as artifacts.

Many financially troubled countries have turned to crypto for a resurgence, be it Iran, which is using BTC to evade international sanctions, or El Salvador, which is making $ BTC legal tender. France and many other countries are also working to Integrate crypto support.

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Venezuela’s international airport starts accepting Bitcoin, while Venezuela is experimenting with digital bolivars

The South American country’s funding approach seems to favor cryptocurrencies and digital currencies, as Venezuela is the first country to launch its own digital currency, the Petro. Unlike traditional CBDCs, the Petro is not based on local Fiat and is backed by oil reserves. However, government failure and enforcement did not bring great success. The government will retest the Petro when it launches a new program on October 1st.

“The bolivar will not be worth more or less, in order to make it easier to use it is brought down to a simpler monetary measure,” the central bank said.

Venezuela’s international airport isn’t the first to accept Bitcoin. In August, the Venezuelan airline Turpial Airlines accepted Bitcoin for airfare payments, while Caracas Air, the country’s largest flight training academy, offered discounts to customers who pay with Bitcoin.

The food industry also took advantage of the popularity of cryptocurrencies in the country when Pizza Hut began accepting Bitcoin and Ethereum payments in November 2020.

In January 2021, Burger King accepted Bitcoin and DASH as payment in 40 restaurants across the country.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.