The Minister of National Commerce of Venezuela, Luis Antonio Villegas Ramírez, indicated that payments in bolivars have increased by 90 % in the country following the elimination of the Tax on Large Financial Transactions (IGTF)

According to the official, the lifting of this tax “is generating a notable increase in the use of the national currency in Venezuela, especially for payments.” He added that transactions in dollars fell to 10 %.

According to Villegas, this dynamic in the national commercial sector reflects “a strategy designed by Nicolás Maduro, within the framework of the National Economic Council, to strengthen the domestic economy.”

This trend toward increased use of the bolivar in transactions extends to e-commerce, where a 55 % growth is expected so far in 2025.

In this regard, the minister emphasized that this increase has been supported by various working groups with the Venezuelan Chamber of Electronic Commerce (Cavecom-e).

M.Pino

Source: elnacional

(Reference image source: Aleksandrs Karevs on Unsplash)

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La entrada Payments in bolivars increase by 90 % apareció primero en Bitfinance.

The need to reduce paperwork in data management and provide greater security for citizens has led to the creation of the European Digital Identity Wallet, or EUDI Wallet, which will come into effect in 2026.

This wallet will serve to store, manage, and share verified identity data on a single device. It is expected that the benefits can be leveraged in sectors such as tourism, public services, e-commerce, banking, among others.

The digital identity platform Signicat is involved in this European initiative aimed at complying with the new eIDAS regulation.

The benefits of this digital wallet for businesses are already being outlined, as it will allow for remote contract signing, without paperwork or wasted time; online data verification; and the elimination of steps such as scanning documents or entering passwords.

For Spain, a key country in digital innovation, “EUDI Wallets will streamline customer interactions, improve security, and simplify cross-border transactions. Whether for opening bank accounts, verifying tax residency, or booking travel, this technology will simplify procedures in both the public and private sectors.”

Unlike traditional electronic identities (eIDs), the EUDI Wallet “integrates authentication, electronic signatures, and the management of multiple credentials, making processes such as user onboarding, payments, and official verifications faster and more secure.”

M.Pino

Source: eleconomista

(Reference image source: Marielle Ursua on Unsplash)

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La entrada Europe moves toward the creation of a Digital Identity Wallet apareció primero en Bitfinance.

The crypto-financial services company Crixto Venezuela C. A. announced last week that its Crixto Pay mobile application is now available to use cryptocurrencies for payments in bolivars in the country.

The platform is authorized to operate, as it has a legal license from the National Superintendence of Cryptoassets and Related Activities (Sunacrip) and is available for IOS and Android devices.

With this initiative, the company will allow citizens to make these payments in supermarkets, grocery stores, shops or pharmacies quickly, easily and safely with USDT, “which has a stable value similar to the price of the dollar, to save in USDT.”

In addition, those interested will be able to make “bank transfers and instant mobile payments from cryptocurrency to bolivars, to any bank and any business in the country. The app is aimed at natural persons over 18 years of age.”

The Crixto Pay application can be downloaded in the United States, Spain, Panama, the Dominican Republic, Chile, Colombia, and Peru. The company’s goal is to activate 100,000 terminals in the country during the second quarter of 2025.

M.Pino

Source: bancaynegocios

(Reference image source: Sajad Nori on Unsplash)

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La entrada Crixto Pay app allows you to use cryptocurrencies to make payments in bolivars apareció primero en Bitfinance.