Venezuela Airport Accepts Bitcoin Payments, Paving the Way for a Crypto Economy

According to Yahoo Finance, a major international airport in Venezuela has accepted payments in cryptocurrencies like Bitcoin for ticket purchases as well as many other services.

Specifically, Simon Bolivar International Airport, also known as Maiquetia, has accepted payments in digital currencies, and adjusted so that the system can be integrated with the standards of the airline payment network in Venezuela.

Maiquetia Airport is located in the heart of Caracas, Venezuela’s capital, and is one of the country’s main transit hubs.

Maiquetia director Freddy Borges, the airport is expected to accept more cryptocurrencies, including Dash and Petro, Venezuela’s crude-backed currency.

Director Borges said the airport is adapting this new payment system to connect with the Venezuelan National Digital Currency Supervisory Council (NSCA) as well as many other related networks.

According to Borges director, Maiquetia’s adoption of digital payments shows the airport’s commitment to applying advanced digital technology and standards. This implementation is expected to benefit foreign guests, especially those from Russia.

The above information comes at the same time as Venezuela officially issues its digital currency CBDC on October 1, 2021. Unlike the oil-backed Petro, the CBDC is pegged to the Bolivar local currency.

The central bank of Venezuela says the value of the Bolivarian will not change despite the arrival of the CBDC.

Earlier in August 2021, Venezuelan airline Turpial Airlines accepted ticket payments in Bitcoin. Meanwhile, Venezuela’s largest Caracas Air pilot school also announced a discount for those who pay in Bitcoin.

In fact, with the current inflation and economic crisis in Venezuela, digital currencies are sometimes more stable than the local currency. Since November 2020, some stores like Pizza Hut here have accepted payments in Bitcoin and Ethereum. By January 2021, Burger King was also accepting Bitcoin and Dash payments across 40 of their nationwide stores in Venezuela.

*Source: Yahoo Finance