In 2017 the Venezuelan President Nicolas Maduro introduced a cryptocurrency called “Petro”. It would act as a so-called “financial blockade” for the US. At least that’s what the government said.
Meanwhile, crypto tokens like Bitcoin played a vital role, mainly to offset hyperinflation in this region. Last year alone, annual inflation reached 6,500%, which led to Venezuelans’ savings rising. At the same time, data from the crypto trading platform LocalBitcoins showed that cryptocurrency trades paid in Venezuelan bolivars also increased.
So far, Venezuelans can buy airline tickets using cryptocurrencies.
According to Freddy Borges, director of Maiqueta International Airport, the introduction of #cryptocurrency as a payment method for airline tickets in #Venezuela could be on the horizon. # Crypto #bitcoin #btc #binance #bnb pic.twitter.com/VQbZDJFPgI
– CryptoListing.Me | News and Updates (@CryptoListingMe) October 11, 2021
Simón Bolívar International Airport or “Maiquetia” is working to adapt its payment system to receive some cryptocurrencies as payment for airline tickets and other services. As reported by the regional news agency El Siglo, director Freddy Borges said:
“In coordination with Sunacrip, we will activate a button for payments in cryptocurrency on the airport platforms and commercial activities.”
It aims to integrate Bitcoin, Dash, and Venezuela’s oil-linked digital currency, the Petro. Borges stressed the importance of establishing these payment methods in order to facilitate shopping for tourists who might come to the country in the future.
He said the airport needs to move forward in implementing these new tools that the tourists could potentially use. Sunacrip, the national watchdog for cryptocurrencies, will regulate the use of these cryptocurrencies as payment methods.
Maiquetia International Airport is one of the most important civil airports in the country and receives passengers from 17 different international destinations.
In addition, several airports and airlines around the world have been exploring ways to introduce crypto payments and blockchain-based functionalities in recent years. In March, the Latvian airline airBaltic started accepting Ether (ETH) and Dogecoin (DOGE) as means of payment for tickets. In the meantime, Turpial Airlines has integrated Bitcoin for ticket purchases in August.
Needless to say, crypto payments are gaining traction around the world. Similar interest was shown not just in El Salvador but in several regions. However, inflation and the devaluation of the national currency have not improved this year.