Foodies in the socialist South American country, Venezuela, now have the option of paying in cryptocurrency. The Venezuelan KFC chain has started accepting payments in cryptocurrency Dash from this week. KFC is the latest fast-food chain to accept cryptocurrency, joining the likes of Subway and Papa John’s pizza chain.
According to CNN, the co-founder of Dash Merchant Venezuela and Dash Text, Alejandro Echeverria has collaborated with KFC and for the past three months has been promoting the widespread adoption of Dash. Echeverria said this was a great achievement. “Having a globally recognized brand such as KFC accepting Dash payments in Venezuela is a great achievement for cryptocurrency and further validation of the continuing trend of Dash adoption not only from a user perspective but now merchants as well.”
Initially, payments will be accepted at KFC in the Chacao Municipality in Caracas, Venezuela’s capital. Echeverria said the country already has 2,445 merchants accepting Dash. “First it was food trucks and small family businesses that started to adopt Dash for payments.” He said the growth and expansion of Dash have seen it attract more established businesses.
As per The Daily Hodl, Venezuela is going through an economic crisis due to years of hyperinflation. And in a way, the government is looking at cryptocurrency for support. According to the Wired, common traditional currencies, like the dollar or the euro, are much more closely tied to the economy of the state that issues them. “The price of a single Bitcoin isn’t tied to any other currency or asset – it’s much more closely linked to supply and demand. Like any other asset, if there are enough people that want to buy it, the price will keep on going up.”
Meanwhile, KFC Canada also accepts Bitcoin. CryptoCurry stated that Bitcoin has been putting up an incredible performance. “KFC Canada is accepting Bitcoin payment which eventually numbered as 0.0011204BTC as equal to CAD$20 and an additional $5 for shipping. The menu will run ‘Bitcoin Bucket’ for a limited period and available only for online orders.” Customers can order the ‘Bitcoin Bucket’ which comprises of 10 chicken tenders, waffle fries, gravy, and two dips through Colonel and Co. via BitPay at the checkout page.
Bitcoin is a digital currency that uses encryption codes to verify and transfer funds. It uses blockchain technology as an independent ledger system. The world is opening up to blockchain and its digital currency.