‘Sorry, Bitcoin Only’: Venezuelan Travel Agency Responds to Hyperinflation
Venezuelan online travel agency Destinia will now only accept Bitcoin for payment citing “increasing restrictions” and economic woes in the country. Travel Agency Forced To Go Full Bitcoin. Travelers who use Destinia to make their travel reservations can now only pay in bitcoin. The company has made the decision after witnessing the impact of the free-falling Venezuelan economy. “The economic situation in Venezuela is ever more complicated,” the company explains. “Given the increasing restrictions faced by Venezuelans, Destinia has decided to operate exclusively in Bitcoins in order to....
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Venezuela is the world’s worst performing economy, hit by 700% hyperinflation and sinking in debt. Its currency, the bolivar, is currently losing half its value every 18 days. However, the government announced on Monday that it will remove the country’s largest banknote (100 VEF, worth $0.02 on the black market) over a 72 hours period. We tried to assess....
Destinia, a well-known travel agency, has taken the decision to accept payments only in Bitcoin The Venezuelan economy is in shambles as the Venezuelan Bolivar’s value has been steadily decreasing due to the rigid exchange control in place since 2003. Concerned with the financial turmoil, Destinia has announced to operate exclusively in Bitcoins in Venezuela. Destinia, a well-known travel agency, has taken the decision to accept payments only in Bitcoin to further facilitate reservations by local travelers. Redditors weigh in the impact of the decision here. The company has seen a growth....
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Given the current exchange rate to and from Venezuelan bolivar, Bitcoin makes a lot more sense than the national currency. The financial turmoil in Venezuela is affecting a lot of local businesses. But internationals service providers are also growing more concerned about what is going on there. Destinia, a well-known travel agency, has confirmed they prioritize Bitcoin payments for Venezuelan flights. With little confidence in the bolivar and the growing demand for Bitcoin, this could be a turning moment for the company. This decision by Destinia is quite surprising, although not entirely....
Venezuela, which operates an economy that is crumbling down in debt and hyperinflation, announced the demonetization of 100 bolivar fuerte (Bf) banknotes effective in the next 72 hours. Until the central bank releases higher denomination bills, an India-like panic is presumed to occur. Since mid-2016, the Venezuelan economy worsened, as hyperinflation continued to lessen the value of its national currency that was already virtually worthless. By September, simple products like eggs or bread were sold at US$150 to the general population which in Venezuela was equivalent to stacks of cash.....