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Venezuelan Pastry Shop Accepts Bitcoin Despite Public Distrust

Last Updated March 4, 2021 4:48 PM
Lester Coleman
Last Updated March 4, 2021 4:48 PM

A Venezuelan pastry shop, Tortas Don Eduardo, accepts bitcoin, despite the fact that acceptance has been slow, according to diariobitcoin.com , a Latin American bitcoin journal. The proprietor, Eduardo Hernandez, investigated bitcoin while using the web in his work.

“At first, the concept of bitcoin is strange, but if you work on the web like me or if you sit to investigate the matter, (it) turns out to be a possibility when doing business,” Hernandez said.

Why Accept Bitcoin?

Hernandez adopted bitcoin on account of its growth as a currency, its market value, and its ease of transaction. In Venezuela, bitcoin serves as an alternative exchange control, which allows users to accumulate foreign currency gains.

“The bitcoin is not regulated by the laws of Venezuela or by any government, so that these legal limitations are no longer an obstacle,” he said.

The Venezuelan government has taken a strict stance on foreign currencies, including bitcoin, CCN.com reported in October.

Early last year, CCN.com reported that CANTV, Venezuela’s state-owned and largest Internet service provider, blocked many bitcoin-related domain names, websites and mining pools.

Also read: The situation in Venezuela has gone from bad to worse, bitcoin’s growth slow

Distrust Exists

Hernandez acknowledges there is distrust of cryptocurrency, which he thinks explains why he has yet to conduct a sale in cryptocurrency in the two years he has accepted it.

He said he got one call about bitcoin from someone who was curious about it, but nothing more.

He expects acceptance will be higher among young people, meaning it has a future.

Products that can be bought with cryptocurrency in Latin America include pharmaceuticals, jewelry, clothing and services.

Many gourmet food sites accept bitcoin, including Antonioli’s Kitchen, a vegan Buenos Aires restaurant, and Bitcoffe, a coffee that promotes cryptocurrency.

Venezuelan locals say they use bitcoin to facilitate payments, trade and financial control. They also can receive discounts ranging from 5% to 20%.

Featured image from Shutterstock.