Venezuelan President Nicolas Maduro introduced the 'Petro' cryptocurrency in 2017. It would impose a so-called "financial embargo" on the United States. At the very least, it is what the administration said.
Meanwhile, cryptocurrency tokens such as Bitcoin were critical in mitigating hyperinflation in this area. Last year alone, yearly inflation surpassed 6,500 percent, wiping out Venezuelans' life savings. Simultaneously, statistics from bitcoin trading site LocalBitcoins indicated that cryptocurrency transactions including Venezuelan bolivar were also increasing.
Venezuelans may now purchase airline tickets using cryptocurrency.
Simón Bolvar International Airport, or "Maiquetia," is modifying its payment system to accept some cryptocurrencies in exchange for plane tickets and other services. Director Freddy Borges said, as reported by the regional news outlet El Siglo,
"In collaboration with Sunacrip, we will integrate a button for cryptocurrency payments into airport systems and commercial operations."
It intends to integrate Bitcoin, Dash, and Venezuela's oil-linked digital money, the Petro. Borges emphasized the necessity of creating various payment options in order to ease future visitor purchases.
He said that the airport must make progress toward implementing these new technologies that visitors may utilize. Sunacrip, the country's cryptocurrency regulator, will oversee their usage as payment methods.
Maiquetia Foreign Airport is one of the country's busiest civil airports, serving 17 international destinations.
Additionally, many airports and airlines worldwide have been investigating methods to include cryptocurrency payments and blockchain-based functionality in recent years. In March, Latvian airline airBaltic began accepting payments for tickets in Ether (ETH) and Dogecoin (DOGE). Turpial Airlines, meanwhile, began accepting Bitcoin for ticket purchases in August.
Needless to say, cryptocurrency payments are gaining popularity throughout the world. Not just El Salvador, but a number of other areas have shown a comparable level of interest. Having said that, inflation and currency depreciation did not improve this year.
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