XPay Brings Crypto Payments to Colombia and Venezuela
The financial situation in Venezuela continues to evolve in interesting directions. While Bitcoin is still frowned upon in the country, it is also becoming more common. XPay, a cryptocurrency payment processor, is now offering its services in Colombia and Venezuela. As such, pharmaceutical goods can now be purchased with Bitcoin, assuming people are willing to give this method a chance.
A Bold Move by XPay
Latin and South American countries seemingly do not like Bitcoin all that much. Although cryptocurrency can solve these countries’ hyperinflation concerns, the governments simply do not see the benefit. Instead, they will often try to oppose this form of payment altogether. That is not good news for crypto payment service providers like XPay. Although this company isn’t widely known, they are worth keeping an eye on.
More specifically, the company recently expanded its services to additional countries. Both Colombia and Venezuela are now part of their network. This is done to improve upon overall cryptocurrency adoption, both online and offline. It will be interesting to see which merchants decide to take this offer to heart. After all, it is not uncommon for these “daredevils” to face government scrutiny simply for dealing with Bitcoin.
Adoption is Happening
Surprisingly, some entities are less worried about government scrutiny for dealing with Bitcoin payments. Farmarket, a domestic pharmacy franchise which spans nearly two dozen stores in Venezuela, is the first to experiment with this new option. This will allow all customers to obtain any goods sold by these stores to pay for them with Bitcoin. Although the initial test is limited to select stores in Caracas, it is expected the company will roll out support in other stores accordingly.
It is the first Venezuelan chain to experiment with Bitcoin payments through XPay. Although there is some preparation involved prior to setting up these payments, the effort is well worth it. It also appears other merchants and retail chains in the country are looking at taking a similar approach in the near future. The current total of locations in Venezuela using Xpay’s services has grown slowly, which shows there is a genuine demand for Bitcoin payments.
The Government is Watching
It has become apparent the Venezuelan government doesn’t like Bitcoin. Since issuing the Petro cryptocurrency, the government has actively tried to prevent users from dealing with Bitcoin. To make matters worse, some companies are effectively targeted for their involvement in cryptocurrencies. Just this week, one such company was shut down for paying its employees in cryptocurrency.
How the government will respond to XPay’s presence, remains a bit unclear. It is not something that will go by unnoticed. In fact, it wouldn’t be unlikely to assume the government will try to prevent the company from offering its services. How that would be achieved, remains to be determined. This crypto provider can make some highly sought after goods accessible to residents again, rather than having to go through black market channels. That in itself is a factor which should never be overlooked.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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JP Buntinx, Khareem Sudlow