One international airport in Venezuela will open Bitcoin and other crypto payment options for ticket purchases amid the growing popularity of digital assets.
According to reports, Simon Bolivar International Airport is working to enable crypto payments according to local regulations. The airport is located in the centre of the capital Caracas.
“We have to advance in this new economic and technological system to make it accessible”,
Freddy Borges, director of the airport
The introduction of crypto payments at Maiquetia Airport will mark the company’s commitment to advancing towards international standards and driving the adoption of digital currencies.
According to the executive, the crypto payment option will benefit foreign tourists, including Russian tourists as well, given the
hassle-free nature of cryptocurrency that aids elimination of fees associated with converting to local currencies and carrying cash, and securely protecting the payment credentials of consumers to avoid fraud risk and the potential to lose bank account access in a foreign country it’s high time to realise crypto is the future of monetary exchange in the world economy.
Bitcoin and other cryptocurrencies are starting to develop in Venezuela. Using this currency has helped residents cope with local currency hyperinflation.
In August, Venezuelan airline Turpial Airlines announced that it would accept bitcoin payments in one of its latest moves to tackle local currency hyperinflation. The South American carrier will also accept payments via PayPal and Zelle, according to an official release via its Instagram feed.
Venezuela is considered a prime example of what a corrupt and centralized system can do to one of the richest countries in the world, switching to crypto as an accepted mode of payment and monetary can be a strategic move to combat issues of corruption and centralisation.
Several airports and airlines around the world have explored ways to introduce crypto payments and blockchain-based features in recent years, providing better options for cash payments and improving customer verification services, including COVID19 test results. In March, Latvian airline airBaltic started accepting Ether (ETH) and Dogecoin (DOGE) as ticket payments after implementing crypto payments in 2014.
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