Pizza Hut, which has over 18,700 outlets globally, joins Burger King Venezuela in accepting cryptocurrency payments. As Coinspeaker reported, Burger King also partnered with CryptoBuyer on the initiative. It accepts Bitcoin, Binance Coin, Tether, Litecoin, Dash and Ethereum.
South America Setting the Pace
South America has emerged as one of the leading hubs in cryptocurrency payments. While the US, East Asia and Europe lead in cryptocurrency trading and speculation, Latin America has been using cryptocurrencies for day-to-day payments.
Venezuela has been one of the best illustrations of cryptocurrencies solving challenges for ordinary people. The country has been embroiled in a political stalemate, fueled largely by interference from the US on one side and Russia and China on the other. The economy has been the biggest casualty, with the country experiencing record-setting hyperinflation.
Venezuelans have turned to Bitcoin and other cryptocurrencies to escape the inflation. As per the Chainalysis Cryptocurrency Adoption Index 2020, Venezuela ranks third globally in Bitcoin adoption. Only Ukraine and Russia rank above the South American country.
The New York-based blockchain analytics firm pointed out:
“Our data shows that Venezuelans use cryptocurrency more when the country’s native fiat currency is losing value to inflation, suggesting that Venezuelans turn to cryptocurrency to preserve savings they may otherwise lose.”
