Coincoinx, a cryptocurrency exchange, is said to be launching a service that will allow users to bypass crypto trading for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments at every store and retailer in the country that accepts Pagomovil, a banking service that allows endless fiat transfers between banks in the country.
Coincoinx will facilitate Crypto Payments in Venezuela
While cryptocurrency is slowly becoming widespread, becoming more popular in many places around the world, there are still many retailers and service providers who do not accept cryptocurrency as a means of payment. However, services that combine traditional bank payments and crypto are growing, and bringing features to crypto users. Coincoinx, a cryptocurrency exchange in Venezuela, has announced the launch of a service that will combine crypto and fiat for traditional payments.
The service, called Coinpay, aims to allow customers of the exchange to bypass trading their cryptocurrency to make payments based on fiat so they can pay on the go. Coin payment will allow users to go through the exchange phase and give them the opportunity to use the Pagomovil service, allowing people to pay wherever this banking payment method is accepted.
While some time ago the use of the dollar in Venezuela was banned by law, in recent years this situation has become more flexible, with the dollar taking an important place in the country’s global payment landscape. However, the native fiat currency has started to pick up an important place for payments due to the introduction of the foreign fiat and crypto currency tax, which adds 3% to any payment using these.
This has reduced the number of crypto currency payments, with people scrambling to pay by fiat. With the proposed service, in its beta phases, Coincoinx seeks to address the problem. The tool will also allow people outside the country to make fiat payments to pay for purchases from their families in the country, also serving as a way to replace remittances.
Leonardo Galindez, CEO of the exchange, declared:
With this tool we try to make life easier for people. For example, if you have a relative in Spain who opens a CoinCoinX account and has funds available in tether or bitcoin, they will be able to make a mobile payment immediately.
What do you think of this new service to facilitate crypto-to-fiat payments in Venezuela? Will it succeed? Tell us in the comments section below.
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