Rajarshi Mitra
Independent Analyst
- Venezuelan crypto exchange, Criptolago, has announced its plan to launch a text message-based payment system.
- The new system can process offline transactions in all crypto assets supported on the exchange.
Criptolago, a Venezuelan crypto exchange, will soon be launching a text message-based payment system, which can process transactions in Petro (PTR) and other cryptocurrencies. The ongoing hyperinflation crisis in the country has caused the Venezuelan bolivar to fluctuate by 1.58% in just 24 hours and roughly 2,500% in one year.
The exchange recently stated that it developed the new system in response to a call from the country’s president. Financial companies were asked to create payment platforms similar to the Venezuelan banking system that can process Petro transfers.
Criptolago said:
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.
The new payment system will also be able to process offline transactions in all crypto assets supported on Criptolago. Venezuelan citizens can now transfer Bitcoin (BTC), Litecoin (LTC), Dash (DASH) and Venezuela bolivares without an internet connection.
Since around 30% of Venezuela’s citizens can’t access the internet, the new payment system will likely help these segments of the population to transact in crypto. Notably, the service is exclusively available to registered users.
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