Reserve will no longer provide services in several Latin American countries
The digital wallet announced that as of August it will not be available in Venezuela and other countries in the region
Reserve, the digital wallet, issued a statement announcing the indefinite suspension of deposits and withdrawals in national currencies for several Latin American countries, including Venezuela, Argentina, Colombia, Peru, Ecuador and Panama.
The measure, according to the platform, will take effect from August 3, 2023, at 12:00 PM, Venezuela time. As of that date, users will only be able to transact using stablecoins, supporting cryptocurrencies, and Mexican pesos.
In the statement, the company explained that this decision is due to the increasing difficulties that American crypto companies face in offering financial services. Likewise, Reserve indicated that they are implementing this change due to their intention to expand their operations in the United States. To achieve this, US banking institutions are demanding greater transparency, reliability and compliance with financial regulations from the company.
As a result of this measure, Reserve announced that it will adopt a model in which banking institutions will be the only intermediaries in monetary transactions. Once these changes have been made, the platform will seek to establish links with the banking systems of Latin America to offer its services again.
K. Tovar
Source: Bancaynegocios
(Reference image source: Gilles Lambert, Unsplash)
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