Although cryptocurrency adoption in Venezuela has declined in the last year, it continues to grow thanks to the opening of the national banking system to the purchase and sale of these assets, consolidating its position as the key channel for this sector.

This was reported on Wednesday, February 11, by Aníbal Garrido, director of the Blockchain, Trading, and Crypto (BT&C) Academy at Andrés Bello Catholic University.

The specialist indicated that “despite the recent foreign currency injections by the Central Bank of Venezuela (BCV) to stabilize the exchange rate, digital currencies maintain a strong presence in the economy.”

Regarding the role of banks before cryptocurrencies, he stated: “The banking sector is a crucial ally. It acts as a ‘railway’ or gateway for cash-in and cash-out transactions. Although banking institutions cannot perform direct exchanges, they allow exchange houses to carry out instant transactions.”

Garrido noted that in Venezuela, the trading of digital assets has a clear legal framework, recalling that the National Superintendency of Cryptoassets and Related Activities (Sunacrip in Spanish) has been the entity responsible for regulating the sector since 2023. “The legality of using cryptocurrencies is established in the 2019 Constituent Decree, and BA VEN-NIF 12 regulates the accounting records of digital assets,” he added.

M.Pino

Source: criptopasion

(Reference image source: Michael Förtsch on Unsplash)

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La entrada Venezuelan banking system is a key platform for cryptocurrencies apareció primero en Bitfinance.

At the end of the first semester, Bancamiga has positioned itself in the top 3 banks with the highest volume in the Venezuelan Banking System, through the Exchange Desk option.

The Executive President of Bancamiga, Ariel José Martínez, stated that natural and legal persons who have foreign currency accounts can have this service through Bancamiga Online or Bancamiga Suite, quickly, safely and without intermediaries.

In Retail, people can buy from one dollar and up to 250, 365 days a year, 24 hours a day. For Retail transactions, the daily limit is $500. They will only be able to buy $4,000 per month and $8,500 per year. Legal clients can only offer currencies without daily limitation, as long as they are in maximum tranches of 8,500 USD, do not buy.

Starting at $250.01, natural and legal clients must do so through the Exchange Table option, from Monday to Friday.

Currency prices are referenced to the official exchange of the Central Bank of Venezuela. And in the case of Bancamiga, the currencies that are acquired are among those with the best average market price.

Martínez explained that another option to buy foreign currency is the BCV Exchange Intervention. In this way, the client acquires dollars or euros at the rate set by the Central Bank of Venezuela. The minimum amount is 100 dollars or euros and the order must be placed in multiples of 20.

Purchase orders may be requested on bank business days between 9:00 a.m. and 5:00 p.m. and 12:30 p.m., except on Fridays when the request can only be made from 8:30 a.m. to 9:30 a.m.

The acquisition of foreign currency through this process is conditioned on the availability of funds awarded by the BCV.

With information from Bancamiga Banco Universal

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La entrada Bancamiga in the Top 3 in Exchange Desk volume apareció primero en Bitfinance.

The contactless payment modality will be a reality in the commercial environment of Venezuela, where the migration has already begun, with the support of NewTech experts.

This is the “consulting, implementation and management services company for Microsoft technologies in Venezuela”. Its purpose is the implementation of the contactless payment system to provide greater speed and security to customers.

Venezuela is not on the sidelines of progress in this area. Hence, the start of the migration to contactless payments in stores, hand in hand with the national banking system, just as they do in different countries.

The general director of Newtch Solutions Group Venezuela, Milagros Borboa, pointed out: “The initiative is driven by the MasterCard brand. Somehow, they have been motivating the banks to migrate the technology”. She stressed that “this transformation occurs at the same time that the Maestro debit card is also readjusting to the latest innovations.”

One of the main challenges in the commercial environment in Venezuela is to equip businesses with points of sale with contactless technology. The migration process could take up to a year.

M.Pine

With information from national media

(Reference image source: Unsplash, in collaboration with Nappy)

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Starting this week, a new facility offers Bancamiga Banco Universal to its customers, upon entering into operation, the possibility of making Interbank Mobile Payment from any of their accounts: current or savings in bolivars or from accounts in CASH dollars or Foreign Currency, using the innovative service Online Sales, reports a statement from the institution.

In a first phase, mobile payment can only be made through Bancamiga Suite, an application that allows you to mobilize money quickly and safely.

With this development, Bancamiga meets the needs of Venezuelans by further facilitating their financial transactions. All accounts in both dollars and bolivars will be available to use the service, explains the information.

“When entering Bancamiga Suite, customers must select the paying account, make an Online Sale of the currencies and follow each of the steps to complete the transaction. The entire process is carried out automatically and in seconds,” comment Bancamiga spokespersons.

The service will allow canceling both natural and legal persons. It is not available for the euro account and the minimum amount will be from $ 10 for payments issued from the dollar accounts.

If you have not downloaded and therefore do not have Bancamiga Suite, you can do so by entering the Play Store or APP Store on your cell phone. The statement highlights that once the application has been used, that is, every time it is used, it is essential to close the session to guarantee the security of its financial products.

With information from Bancamiga

La entrada Bancamiga expands its Interbank Mobile Payment service apareció primero en Bitfinance.