Fast Food Chain In Venezuela Pays Salary Bonus With Cryptocurrencies

The American fast food chain Church’s Chicken, which has been operating in Venezuela since 2001, has decided to officially implement the payment of salary bonuses for its employees with the Dash cryptocurrency.

Through a statement published on April 19, the Dash team reported that, at the beginning of years, they made trials to pay with cryptocurrencies to part of the staff of the restaurant chain in Venezuela . The result was that 97% of the users approved the system.

Church’s Chicken ensures that the reasons for paying a portion of their workers’ monthly compensation in cryptocurrencies is to “face payment problems and hyperinflation.” This refers to the economic and monetary crisis that affects Venezuela, whose accumulated inflation during 2020 reached 3,713%, according to data from the Venezuelan Observatory of Finance.

“With Dash in people’s hands, they can use fast, inexpensive digital money at the thousands of locations that currently accept this cryptocurrency across the country,” said Dash Core Group CEO Ryan Taylor.

Taylor added that in Venezuela “more than 60% of all transactions are made in dollars”, but the migration to this currency has brought new problems such as the lack of lower denomination bills. This despite the fact that, in recent statements, the Foreign Minister of Venezuela, Jorge Arreaza, assured that the use of the US dollar for commercial transactions in his country would be “temporary.”

In this context, food chain workers can now buy in the 835 establishments that accept Dash in Venezuela or they can also be exchanged for dollars or bolivars in exchanges that operate in the country , the document highlights.

The payments are made from a platform called Dasherpay , which can be entered online and allows “rapid and economical way” deliver employee salaries, partially or amount they deem appropriate, Dash said.

They also indicate that those who receive the cryptoactive through this system can “experience a reduction of up to 95% in payment waiting times and can pay exact amounts.”

Leidimar Amundaraín, Director of Human Resources at Church’s Chicken Venezuela, assured that implementing the new payment system “involves a simple payroll process due to its ease of use, and it is beneficial for our team members to receive payments with Dash.”

The relationship between Dash and Church’s Chicken began in 2018, when it became the first recognized food franchise to accept a cryptocurrency as a form of payment in Venezuela , as reported by CriptoNoticias.

Hyperinflation in Venezuela opens spaces for cryptocurrencies
Venezuela’s unprecedented economic crisis has devalued the national currency, the bolivar, prompting people to take refuge in foreign currencies and cryptocurrencies.

In this sense, since 2018 Dash has become the ally of both people and merchants. To such an extent, that the South American nation in 2019 accumulated the largest number of commercial establishments that accept Dash in the world, according to data from this platform.

Another case, which also demonstrates the growth of the cryptocurrency ecosystem in Venezuelans’ day-to-day lives, was the announcement made a few weeks ago by the largest satellite television operator in that country, SimpleTV, which since March has accepted payments with bitcoin and others. cryptocurrencies.

For its part, the Cryptobuyer company installed, last February, two ATMs that allow you to buy bitcoin with dollars in cash . Both teams are located in the Venezuelan capital, Caracas.

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