Venezuela’s biggest international airport to begin accepting cryptos as mode of payment

There’s a major international airport in Venezuela that is said to be prepping up to start accepting bitcoin (BTC) and similar cryptocurrencies as payment for ticket fares and other services.  

Maiquetía airport to accept bitcoin, other cryptos  

Considered the biggest international airport in Venezuela, Simón Bolívar International Airport (a.k.a. Maiquetía airport) has disclosed its intentions to accept digital currencies as payment. Maiquetia Airport Director Freddy Borges the airport is planning to accept cryptos like Dash (DASH), bitcoin, and Venezuela’s oil-pegged digital currency – the Petro (PTR). Borges also revealed that the airport’s administration is set to introduce new payment options in coordination with the country’s National Superintendence of Crypto Assets and Related Activities.  

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The airport director said that they must take the necessary steps for them to advance in these new economic and technological systems for them to be even more accessible.  

International standards  

Further, Borges also stated that the introduction of cryptocurrency payments at the said airport is a sign of their commitment to take a step further in achieving international standards and drive the adoption of digital currency. He went on to say that such a move would benefit tourists especially those hailing from Russia.  

Digital Bolivar  

For the uninitiated, Venezuela recently launched their so-called digital Bolivar in their attempt to save a currency that is deemed to be all beaten up by years of hyperinflation as the population has adopted the U.S. dollar instead. This digital bolivar was introduced to the public on Friday, October 1 as it effectively removed six zeroes from its predecessor known as the sovereign bolivar.   

Three days after this digital bolivar got released into the wild, these new bills are still a rare sight. Moreover, banks in Venezuela have been supplying lower denominations about a dollar or two, but businesses and even public transport all over the Venezuelan capital of Caracas haven’t seen much of the new bills.   

Reports suggest that the U.S. dollar is still the currency of choice by Venezuelans in almost all the cash transactions there, even in the parts of the city where the income is deemed quite low. As for the bolivars, these are generally used to give out change or just for the payment to be completed.   

Venezuela has already taken off 14 zeroes from its currency since 2008. Financial pundits believe that if the Venezuelan government doesn’t do anything to ease up the ongoing inflation and currency depreciation, it is probable that the bolivar will have to undergo another round of redenomination in the not-so-distant future. 

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Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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