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 unexpected either. Destinia offers flights to and from Venezuela, a lot of which are paid in the local bolivar currency. Due to the ongoing inflation issue in the country, holding quantities of bolivar becomes far less appealing. In fact, companies could take a small financial loss for every such transaction, depending on now the situation evolves.
Destinia Sees Bitcoin As A Viable Solution
One way to bypass his problem is by not accepting bolivar payments any longer. Unfortunately, that also means a lot of people will have to find alternative payment options. It appears Destinia sees Bitcoin as the solution to these problems. In fact, the company outlined a similar sentiment in their recent blog post.
Accepting Bitcoin payments for all Venezuela operations is quite an intriguing move. It shows Destinia feels there’s a bright future ahead for Bitcoin payments in the travel industry. Moreover, his an excellent way to promote bitcoin in a country plagued with financial issues. A global payment solution is direly needed, and Bitcoin seems to fit the bill.
Given the current exchange rate to and from Venezuelan bolivar, Bitcoin makes a lot more sense than the national currency. People traveling to and from the country will get hit by ridiculous exchange rates unless they use Bitcoin. Most of those charges may not be apparent immediately, but they will show up in receipts and monthly statements.
Giving priority to Bitcoin as a payment option for Venezuelan travel is a smart move. But don’t be mistaken in thinking Destinia will remove other traditional payment options all of a sudden. Bitcoin will be the primary payment option, but consumers can still pay with bank transfers and payment cards.