Confirmed in a tweet on Dec. 30, a single Burger King branch in the Sambil area of Caracas now accepts Bitcoin, along with altcoins Ether (ETH), Litecoin (LTC), Binance Coin (BNB) and Dash (DASH), as well as stablecoin Tether (USDT).
Bitcoin has come to Burger King in Venezuela as a new partnership opens up cryptocurrency payments at the fast-food chain.
A total of 40 locations will follow suit in 2020, according to a blog post from Dash executives about the move.
Altcoins, Tether join BTC foray
Cryptobuyer is a Panama-based cryptocurrency merchant gateway startup that also runs a fleet of Bitcoin ATMs. It offers conversion of cryptocurrency funds for businesses, which it then pays out in fiat currency.
“We are pleased to announce our commercial alliance with @BurgerKingVE”, part of the company’s tweet reads.
Venezuela continues to suffer from major economic turmoil, giving rise to efforts to boost cryptocurrency usage. The government has shunned borderless payment methods, imposing heavy restrictions on foreign currency access.
Instead, Petro, the highly controversial state-backed cryptocurrency, is the official weapon of choice for combating the crisis. As Cointelegraph reported, Petro is now the only currency accepted for some essential services, such as passports.
Real adoption or dog’s dinner?
Burger King Venezuela meanwhile stopped short of publicly acknowledging its crypto foray. In recent years, the idea that Venezuelans are turning to coins such as Dash has further come under scrutiny.
As various commentators have noted, despite claims by ex-Dash Core Group CEO Ryan Taylor that the altcoin is the country’s most popular, overall cryptocurrency traction among merchants, in fact, remains low.
Similarly, while P2P trading volumes for Bitcoin regularly hit new highs when denominated in Venezuela’s ailing Sovereign Bolivar, the data speaks more to the fiat currency’s weakness than Bitcoin adoption.
Burger King’s experiments with Bitcoin have meanwhile fallen flat in the past. Various initiatives in Russia and Europe appeared to be short-lived, with acceptance disappearing soon after launch. The company’s Russian presence also began a dedicated loyalty scheme dubbed “Whoppercoin”, which earned it attention from the country’s prosecutor.
Bitcoin News Summary – August 26, 2019
Online retailer, Rakuten, often described as the Amazon of Japan, announced the launch of its new crypto exchange app, Rakuten Wallet. Initially, supported cryptos are Bitcoin, Ethereum, and Bitcoin Cash. The app is available for Android, with iOS coming next month.
Major crypto derivatives exchange, BitMEX, has barred users from Hong Kong, as well as Bermuda and the Seychelles. BitMEX took the action for compliance reasons, as it has staff and offices in those locations. BitMEX noted that closing trading in those jurisdictions is part of a wider effort to bring transparency to the crypto space as it becomes more regulated.
Cryptocurrency exchange and custodian Gemini, announced they’re expanding their business to Australia. Australians can now download the Gemini Mobile App and use it to buy, sell, and store cryptocurrencies such as Bitcoin, Bitcoin Cash, Ether, Zcash, and Litecoin.
It was reported that several operators at a nuclear power station in Ukraine were arrested by the country’s secret service for mining crypto with the plant’s electricity. The miners compromised the plant’s network which leaked details of its physical security systems. GPUs and other mining equipment were confiscated from the facility.
And finally, in a bombshell speech at the central banker’s conference held in the United States at Jackson Hole, Wyoming, the Governor of the Bank of England, Mark Carney, suggested replacing the US Dollar as the international reserve currency with a cryptocurrency similar to Facebook’s Libra.
