Venezuela is currently suffering from the hyperinflation crisis, as the value of Venezuelan bolivar continues to diminish, people and the government turned to cryptocurrency. Nevertheless, approximately 30% of the Venezuelans do not have access to the internet which is a vital means to access and transfer cryptocurrencies.
The Venezuelan crypto exchange, Criptolago, has tweeted that it is currently developing and will launch an SMS text-message payment system that can process transactions of the country’s oil-backed Petro (PTR) token and other cryptocurrencies. This development is a response to the call from the President, Nicholas Maduro, for a new payment platform that could process Petro transactions.
“Following the guidelines of our president @NicolasMaduro and in favor of our #criptonation, with the new function of Payments for #SMS we have opened the possibility for all the Venezuelan people to carry out #Petro transactions in a very practical way.”
Aside from the government’s Petro (PTR), the SMS text-message payment system will also support multiple major cryptocurrencies listed on Criptolago’s exchange platform including Bitcoin (BTC), Litecoin (LTC), Dash (DASH), and bolivares fiat currency without having to connect to the internet.
This new development will subsequently open new doors for the population who were left out to start engaging and benefiting from the uses of cryptocurrencies.
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