Venezuela’s major satellite TV provider service, Simple TV, has now enabled crypto payments for its over four million users. Customers of the television service will now be able to pay their monthly bills via popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), among others. The arrangement was made possible through Simple TV’s partnership with Latin American exchange Cryptobuyer. Simple TV Enables Crypto Payments Simple TV’s official site is now showing the option to pay in cryptocurrencies. Users of the satellite TV service will now be able to pay with cryptocurrencies such as bitcoin (BTC), Dash (DASH), Litecoin (LTC), Ethereum (ETH), Binance Coin (BNB), and Binance Dollar (BUSD). An additional option to pay with Cryptobuyer’s native token, XPT, is also available. Jorge Farías, CEO of Cryptobuyer, told that enabling crypto payments option was a way to expand their coverage: “It is known that Simple TV reaches the most remote places of the country, imagine the importance of this, when it allows the possibility of accessing its service in places of the interior, for example, without having to have a dollar account or having to depend on an intermediary.” Providing over 300 TV channels, Simple TV’s latest endeavor intends to boost the usage of cryptocurrencies across Venezuela. Venezuela Embracing Bitcoin Venezuela’s financial situation is known to be a mess. Crippling corruption and international sanctions have led the country to reach extreme levels of inflation, currency devaluation, and economic recession. One way citizens have sought to escape this by purchasing Bitcoin. The country even ranks third in the world in terms of Bitcoin adoption, according to a September 2020 report from crypto analytics firm Chainalysis. Moreover, the country currently has a very active peer-to-peer Bitcoin trading market. Trading volume in Venezuela remains the highest among all Latin American nations. Last year, the president of Venezuela, Nicolás Maduro, confirmed that the country’s central bank holds Bitcoin and Ethereum, among its international reserves.
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