Venezuelan citizens will be able to buy dollar-pegged stablecoins through the government’s biometric payment system Biopago, thanks to the Bank of Venezuela’s partnership with Glufco.
Venezuelans will be able to buy cryptocurrency directly from government social security accounts. Thanks to the Bank of Venezuela’s partnership with financial services startup Glufco, Venezuelans will be able to buy USD-pegged stablecoins through the same infrastructure that powers the country’s biometric payment system, Biopago.
The Biopago platform plays an important role in Venezuela’s financial infrastructure. The country’s government uses it as a bridge between the Bank of Venezuela and the Patria system, through which settlements are regulated, as well as bonds and government financial aid are distributed.
Now Venezuelans will be able to use the money received from the state to exchange for Glufco stablecoins. This gives the citizens of the country another way to gain access to the dollar and protect themselves from hyperinflation, from which the national currency, the bolivar, continues to suffer. In addition, this opens up another opportunity for Venezuelans to enter the cryptocurrency market.
According to Antonio Di Caprio, COO of Glufco, citizens who take advantage of the Glufco integration will be able to quickly and easily purchase dollar-pegged stablecoins and then “exchange them on exchanges for other cryptocurrencies,” such as BTC, LTC, DOGE and USDT.
Currently, Glufco stablecoin can be traded on smaller exchanges such as Waves, Graviex and Vindax. There is also an OTC market on the government-registered exchange Criptolago, where stablecoins can be exchanged for BTC or bolivars.
DiCaprio said the Glufco over-the-counter platform will accept Bolivars, Chilean pesos, Peruvian salts and US dollars. It also supports payments using the very popular Zelle platform in Venezuela and various stablecoins. The COO of Glufco also noted that the Bank of Venezuela played an important role in the development of this platform.
In December, information appeared that Venezuela would be engaged in industrial mining – the country’s army announced the creation of a mining center. Through mining, the military hopes to get additional security.