The largest department store chain in Venezuela is to install blockchain-enabled cash registers in its 49 stores.

This week Traki revealed it will integrate Singapore-based Pundi X’s point-of-sale device, XPOS, offering customers a cryptocurrency payment option.

Pundi is already available in 30 countries and aims to sell 100,000 XPOS devices by 2021. This is part of the company’s initiative to introduce digital currencies for daily use through a system of financial products such as its XPASS crypto debit cards and Xwallet.

According to Pundi X CEO, Zac Cheah: “We made the XPOS with the mission of creating real-life use cases for blockchain technology, and this couldn’t be better represented than Traki shoppers paying for their daily needs with cryptocurrency.”

Cheah went on to say that Traki adopted blockchain technology early on in Venezuela.

Michael Gomez, Chief of Crypto Assets department of Traki commented: “At Traki, we aspire to offer the most convenient options for our customers, and cryptocurrency has proven to be an effective payment solution.”

Around 10% of Pundi’s 300,000 wallet users are located in Venezuela.

As per a Coin Desk report, the XPOS payments system supports payments in a variety of cryptocurrencies including Bitcoin, Ethereum, Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens.

An increasing number of people in Venezuela have turned to cryptocurrencies as a store of value and as a payment option due to a period of period of hyperinflation and lack of liquidity in the country.

In 2018, President Nicolas Marduro introduced the petro dollar cryptocurrency, pegged to the South American country’s vast oil reserves, in a bid to circumvent economic sanctions.

The president recently instructed banks and government-owned firms to utilise the token.