Venezuela seeks to integrate into Russia’s Mir payment system

The Central Bank of Venezuela is in the process of integrating into the Mir payment system, developed by Russia and widely used in several countries around the world, the Central Bank of the Latin American country announced in a statement.

The president of the BCV, Calixto Ortega, provided details on the technological advances and the necessary steps to establish the connection with the interbank messaging of the Central Bank of Russia.

The President of the Republic, Nicolás Maduro, highlighted the importance of this integration by stating that it will facilitate fluid communication to expedite import and export transactions in bolivars and rubles.

This connection will allow efficient communication between Venezuelan and Russian banks, facilitating financial transactions between the two countries.

As part of this process, work is underway to upgrade payment terminals in Venezuela and make them compatible with cards issued by Russian banks within the Mir system.

So far, about 40,000 payment terminals have been upgraded, and about 30 % of these devices are expected to be able to accept cards issued in rubles by Russian banks.

In the words of Venezuelan President Nicolás Maduro, “the country has been subjected to brutal, unfair and criminal sanctions that seek to isolate it monetarily and financially from the rest of the world.”

The progress towards the connection with the Mir system represents a step forward in the construction of new payment and financial systems, which will allow Venezuela to overcome these imposed limitations, according to the president.

The Russian Mir payment system was created in 2014 in response to economic sanctions imposed on Russia after the incorporation of the Crimean peninsula. Since then, it has been used by Russia and other countries to strengthen their financial infrastructure and reduce their reliance on traditional systems like SWIFT.

K. Tovar

Source: Diariobitcoin

(Reference image source: CardMapr.nl, Unsplash)

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