Javier Bastardo published an article on the progress of the use of cryptocurrencies within the local economy in Venezuela at https://www.criptonoticias.com/comunidad/adopcion/puntos-venta-criptomonedas-venezuela/
Considered the nation with the most miserable economy in the world and the worst hyperinflation of today, as well as the largest recent diaspora in the sub-continent, the possibilities of safeguarding the value of savings in fiat currencies and cryptocurrencies are quite interesting. I decided to share a translation about your article.
- Cryptobuyer, Pundi X and Panda Group are some companies that operate these devices in the country.
- We talked with the CTO of Panda Group, Typson Sánchez, to know details about their device.
Venezuela is one of the most active countries in terms of the commercialization of bitcoins through LocalBitcoins, a global platform for the sale of BTC with fiat currencies. Interest in bitcoin and other cryptocurrencies continues to grow and the activation of cryptocurrency outlets in the territory of the Caribbean country is proof.
In addition to Cryptobuyer, which operates its digital payment processor for crypto assets in partnership with Venezuelan retail store Traki, and Pundi X, which announced an alliance with the same store to operate a physical device, the Panda Group team has also been involved in the activation of cryptocurrency outlets in Venezuelan territory.
The Bodegón is located in the C.C. Los Chaguaramos, in the capital of Mérida. Source: Typson Sánchez, Panda Group.
In fact, as the CTO of the company, Typson Sánchez, commented exclusively for CriptoNoticias, at the beginning of August they installed a point of sale (PandaBTM) in the state of Mérida, specifically in the Xinestesia still life, located in the capital of the Andean state . Users have several options, being able to use bitcoin (BTC), bitcoin cash (BCH), DAI and DASH. In the coming months they hope to integrate more crypto assets, specifically ETH, ZEN and BNB.
"The device was installed on August 3 after some tests to adapt it to the collection of bolivars," said Sanchez. This is the first physical device of Panda Group in Venezuela. But, as Sánchez explained, they have 60 stores distributed between Venezuela and Colombia that use their payment processor, XPay. Comparing the date offered by Sánchez and the information published on the physical point of sale of Pundi X, we can infer that the Colombian startup device was installed first.
Panda Group managers are paying Venezuelan VAT for processing their transactions. Source: Typson Sánchez, Panda Group.
According to him, they chose the city of Mérida for a matter of closeness, since Sanchez is a native of that town. In addition, he pointed out the following: "We wanted to help all those who wish to be able to use their crypto assets as a means of payment without having to be switching to bolivars that if for some reason they do not spend them they are devalued."
It should be noted that Venezuela is going through severe hyperinflation, which has caused the citizens of the Caribbean country to seek alternatives to the Bolivar to protect the value of their money. The use of the US dollar has become daily and more and more people are interested in bitcoin and other cryptocurrencies as a relief in this situation.
Even while waiting for confirmations, the bolivar is already devalued. This does not happen with our device, and for commerce you receive the payment in your bank account before the end of the day if you wish or you can keep the cryptocurrencies. You can even decide what percentage of each purchase you want in bolivars and cryptos.
Typson Sánchez, CTO, Panda Group.
We take this opportunity to ask Sánchez about the possibility of processing payments with Petro, a centralized cryptocurrency project, created by the Venezuelan government as a "solution" to the economic crisis in which the country is plunged.
"The Petro is a complicated issue but I will say it this way: it will be implemented when it actually works as an aid for ordinary Venezuelans," he said.
Regarding regulatory issues, Sánchez said they are paying the Value Added Tax (VAT) that corresponds to the cost charged by Panda Group to process the transaction.