Venezuelan Exchange To Launch PoS System And Crypto Debit Card; Including Petro, BTC, & DASH

The Venezuelan government is one of the most crypto friendly countries as it looks for ways to sustain its hyper-inflated economy and sanctions from various governments. The government is focused on promoting its oil backed crypto, Petro dollar, to its citizens with the latest debit card release by government sanctioned exchange, CriptoLAGO. The debit card transacts four cryptocurrencies including Petro.

CriptoLAGO and Glufco to Launch Crypto Debit Cards

Two companies from Venezuelan have already come together to launch a cryptocurrency debit card and point-of-sale system. This new system will support a total of four cryptocurrencies; Bitcoin, Ether, Dash and Petro which is backed by the Venezuelan government as its digital currency.

The president of Venezuela, Nicolas Maduro, said that Venezuela’s central bank along with the finance minister are focused on introducing new instruments soon to enable people complete their banking transactions both national and international through the central bank’s account.

An Economic Boost for Venezuela

With Venezuela facing global sanctions around the world and falling down the pecking order on the global financial system, president Maduro sees cryptocurrencies as the best plan to salvage their falling economy.

Sovereign Bolivar which is Venezuela’s main currency has been facing troubled times and the new system being rolled out is tipped to offer support. The system according to Glufco, is basically a crypto transfer device which they hope will be able to automatically accommodate other cryptocurrencies in the near future.

Venezuela’s Central Bank’s Experiments

A recent report from Bloomberg recently explained that internal tests have been completed by Venezuela’s central bank in a bid to find out whether they can hold crypto assets in their reserves.

They seek to help Petroleos de Venezuela SA pay its bills via cryptocurrencies (Bitcoin and Ethereum) using from the Central Bank. This comes after the central bank disclosed its plan to hold Bitcoin in its reserves. Venezuela’s largest bank has already set up an experimental feature of the same to its online features. This cryptocurrency adoption is however viewed by opposition leader Juan Guaido as pure desperation.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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