- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
Good news for crypto enthusiasts in Venezuela – both for investors and exchanges. The state-authorized crypto exchange, Criptolago, rolled out an equivalent of debit cards of crypto recently.
The crypto debit card is designed to serve as an easy and efficient means of digital payment. Like the traditional debit card, the smart card will be used at any merchant with compatible point-of-sale (POS) systems. The smart card is linked to the users’ crypto wallets, making it possible to pay with cryptocurrecnies without stress. Once in your possession, you can easily link the card to your crypto wallet and use it anywhere in the country.
So, Venezuelans can now spend their virtual currencies in stores that operate compatible POS devices.
The smart crypto card was created in conjunction with Glufco, a renowned investment crypto bank in Venezuela – which is in charge of dispensing the ‘POS’ devices for the crypto debit card. By the partnership, Criptolago serves as an intermediary, which helps to convert the crypto coin – safely and more efficiently – to fiat currencies.
We strongly believe this is a great time for such a cryptocurrency project as the Venezuelan crypto industry is unarguably ‘on fire’ due to the harsh economic conditions the country is enduring. Sometimes, crypto actually saves lives in the current state of Venezuela.
Scaling Up the Venezuelan Cryptocurrency Ecosystem
Crypto offers an opportunity to dodge US sanctions and the authoritative Venezuelan government has no choice but to commit to efforts to leverage the potential locked in this new form of digital payments.
Furthermore, Criptolago is not alone in the race of scaling the Venezuelan crypto ecosystem. As a matter of fact, it is coming up as a direct competitor to PundiX which has been on the scene for a while.
Just a few weeks back, PundiX announced its partnership with Traki – Venezuela’s largest retail merchant. The partnership allows the crypto exchange to install its crypto POS system (crypto ATM) at all of Traki’s locations, and thus expediting the use of cryptocurrencies virtually anywhere in the country.
Besides having a native crypto coin, the Petro, the Venezuelean government has given its authoritative blessings to trading other virtual assets such as Bitcoin(BTC)trade and Ethereum (ETH)trade. In fact, the Maduro-led government has plans underway to hold these virtual assets as part of international reserves and possibly linking them to its local banking infrastructure.