Market Cap
24h Vol
7054
Cryptocurrencies
81999
Markets
2019-10-04

Crypto in Venezuela

Two Venezuelan companies have partnered to issue a debit card in cryptographic currency and a Point of Sale (PoS) system.

The system will provide support for Bitcoin (BTC), Ether (ETH), Dash (DASH) and Petro, Venezuelan national digital currency. 

It appears that none of these offers will include support for the fiat currency, including the troubled sovereign Bolivar (VES). 

Glufco defines its product as a "cryptographic currency transfer device" and points out that in the future, further cryptographic currencies may automatically receive support.

Venezuela continues to fight rampant inflation and capital controls, leaving citizens with little choice but to use Petro and VES. The Bitcoin peer-to-peer trading platform LocalBitcoins has set new records in recent weeks.

At the same time, at the end of last month, Venezuela's central bank revealed a sudden plan to store Bitcoin in the face of extensive international sanctions.