The Zelle payment platform, used by millions of people with US bank accounts as well as foreigners with accounts at US banks, announced it will allow cross-border transactions with stablecoins, including USDT and USDC.

From Early Warning Services, its parent company, indicated that the current network will expand to $1 trillion with the stablecoin initiative.

The decision was announced in a press release detailing the “plans to offer cross-border payments the simplicity and security that consumers enjoy in their banking apps.”

Early Warning Services CEO Cameron Fowler stated, “Zelle transformed the way Americans send money home. Now, we’re beginning to work to bring that same level of speed and reliability to Zelle consumers sending money to and from the United States, leveraging what we’ve learned from the market, our users, and the banks and credit unions in our network.”

He emphasized that the goal of the initiative is “to bring the trust, speed, and convenience of Zelle to consumers’ needs for international money transfers. We invest where consumer needs, banking capacity, and global opportunities intersect.”

The executive stated that the offering will be available to all financial institutions in the Zelle network to ensure the same conditions to all participants.

M.Pino

Source: telecomunicaciones360

(Reference image source: CoinWire Japan on Unsplash)

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La entrada Zelle to add payments with stablecoins apareció primero en Bitfinance.

The recent wave of rumors on social networks and information in some media about the suspension of operations of the American electronic payment system Zelle in Venezuela has kept its users in suspense. However, there is no official statement from the company in this regard.

Although some users have presented technical difficulties in carrying out operations, at the moment these are only rumors that have quickly been replicated and spread through comments on social network X.

This information began to be published this weekend, generating uncertainty and concern among Venezuelan users who use Zelle to receive remittances, in addition to issuing and receiving payments.

For Venezuelan citizens, payments through Zelle represent a fast, secure and comfortable alternative. Analysts from the electronic payments sector call for calm and consider that it is best to remain alert in the event of a public response from the platform.

#20Nov #Zelle @AAAD25: Lo de "la suspensión de Zelle en Venezuela" es un desastre informativo. Diario de las Américas habla de una suspensión a partir del 30 de noviembre, citando a Notiactual, pero Notiactual dice que ellos no dijeron eso. pic.twitter.com/GRNeZ9Hlmz

— Reporte Ya (@ReporteYa) November 20, 2023

M.Pino

With information from national and international media and social networks

(Referential image source: Unsplash+, in collaboration with Getty Images)

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La entrada Zelle maintains operations in Venezuela apareció primero en Bitfinance.

The National Integrated Tax and Customs Administration Service (Seniat) explained that transactions carried out through payment gateways such as Zelle, PayPal, Reserve and other similar ones will be taxed by the Tax on Large Financial Transactions (IGTF in Spanish) because they are carried out without the intervention of the Venezuelan financial system.

The General Manager of Legal Services of the Seniat, Carlos Ernesto Padrón Rocca, spoke about the direct consultation of Edwuard Rafael Sucre Guzmán, inspection manager of the tax authority, related to the most common doubts that arise around the reform of the Income Tax. the Large Financial Transactions (IGTF). The new tax imposes a 3 % tax on payments with foreign currency and cryptoactives other than the petro.

The document was cited by different accounts through the instant messaging social network Twitter and although the measure directly impacts the consumer, who must pay more to use foreign currency, the businesses are the ones that have to adapt to this new tax mechanism.

Businesses are “going through a torment” to be able to collect the tax, because they must adapt their systems and that has some technical implications. In addition, the lack of information and the “gaps in the regulation” did not allow businesses to fix their systems before the tax came into effect.

All this situation has caused that 75 % of the companies in the commercial sector do not have the capacity to collect the tax in dollars. According to data provided by the National Council for Commerce and Services (Consecomercio).

Limitations for the collection of the IGTF

Tiziana Polesel, president of Consecomercio, highlighted that the main limitation that merchants are experiencing in collecting the tax is the impossibility of replacing or updating the fiscal machines, in order to be able to reflect the amount of the IGTF on the invoice.

According to Polesel, solving this situation requires a significant investment that many businesses, especially small ones, are not able to do in “a short time”. “They do not even have the possibility of resorting to loans,” she stressed.

The president of Consecomercio highlighted: “We are convinced that we must correct it. We have to understand how the sector works and what the weaknesses are in order to incorporate this contribution. We are not denying compliance, we are just asking for more time to make it work.“

The representative of the commercial sector highlighted that there is the possibility of an “increasing degree of informality, since businesses that cannot comply with the regulations will not stop operating but will migrate to that unregulated market that even affects the State, since VAT would not be paid either”.

M. Rodríguez

Source: primicia.com.ve

La entrada Transactions with Zelle, PayPal and Reserve must pay the IGTF tax apareció primero en Bitfinance.

The Venezuelan airline Turpial Airlines reported, through an account on the social network Instagram, that it will admit new payment methods and customers will be able to cancel their internal travel tickets with Bitcoin, Paypal and Zelle.

The company also explained the procedure that users must follow to validate their payment. Passengers must provide the transaction confirmation code and the name of the account holder to the company so that it can process the payment of the tickets.

The company Turpial Airlines offers national and international flights and “operates with three Boeing 737-400s”, with capacity for 114 people that can be placed in two classes. It is based at the Arturo Michelena international airport, in Valencia, Carabobo state.

The national destinations are directed to the cities of Valencia, Porlamar, Puerto Ordaz and Maracaibo, while its international flights are to Panama, Santo Domingo, Punta Cana and Cancun.

Venezuela has been experiencing hyperinflation in recent years reaching an annual rate on the order of 6,500 % and many citizens have turned to crypto assets as a way to protect themselves from the devaluation of the official currency. Currently, the country ranks seventh in the use of cryptocurrencies, according to the report published by Chainalysis entitled “Global Crypto Adoption Index.”

M. Rodríguez

Source: cointelegraph

La entrada Venezuelan airline will accept Bitcoin as a means of payment apareció primero en Bitfinance.