Venezuelan Retail Chain To Accept Petro Payments

By Rishma Banerjee

The Venezuelan Government has been trying to popularize Petro cryptocurrency as their state-backed digital currency in order to infuse new and revitalize the economy which currently is still in shambles. Though it is being advertised as a better economic solution for the country, it has its own share of problems, the primary one being that it is not accessible by the general public.

Traki, also referred to as the“Walmart” of the South American country jumped to the rescue by declaring that Petro would be accepted across all their nationwide stores.

Perto which has been relaunched a third time with a dash like environment but means of acquiring it was not made easy. Petro is backed by natural resources found throughout the country.

There are 49 stores across the country which offers clothes, food, sporting equipment, and a wide range of consumer goods people need on a regular basis which now accepts crypto as a form of payment. The government is urging people to use and invest in Petro to protect themselves from spikes in inflation, which is very common in Venezuela. So much so, that the Venezuelan Government wants Petro To Be Accepted By OPEC As Payment Method.

Venezuela’s economy is such that, their currency has faced massive devaluation as a result of which, Venezuelans are being forced to wait for hours in line to withdraw cash from an ATM. Traki just aims to make this experience a little easier, as cash becomes mostly inaccessible.

What makes this initiative by Traki even more important is that even though Petro is being heavily promoted there were no means of using said cryptocurrency. But with the initiative taken by Traki, citizens have jumped at this opportunity to use petro for much-needed goods