Cryptocurrency exchange Coincoinx is reportedly launching a service that will allow users to skip crypto transactions for fiat to make payments in Venezuela. Called Coinpago, the service will allow users to make payments at all stores and retailers in the country that accept Pagomovil, a banking service that allows seamless Fiat transfers between banks in the country.
Coincoinx Facilitates Crypto Payments in Venezuela
While cryptocurrencies are slowly becoming mainstream and widespread in many parts of the world, there are still many retailers and service providers that do not accept cryptocurrencies as a payment method. However, an increasing number of services are combining traditional bank-based payments with crypto, bringing functionality to crypto users. Coincoinx, a Venezuelan cryptocurrency exchange, has announced the launch of a service that combines crypto and fiat with traditional payments.
Called Coinpago, the service aims to allow exchange customers to bypass cryptocurrency transactions in order to make fiat-based payments on the go.Coinpago allows users to skip the exchange phase and use the give people the possibility to use Pagomovil services, allowing people to pay where this type of bank-based payment method is accepted.
Payment scene
Not long ago, the use of the dollar was prohibited by law in Venezuela, but in recent years this situation has become more flexible and the dollar has become an important part of the global payment panorama. However, with the introduction of foreign fiat and cryptocurrency taxes, which add 3% to payments made using them, the local currency is beginning to take an important place in payments.
As a result, payments in cryptocurrencies are declining and people are shifting to paying in fiat, and Coincoinx seeks to address this issue with a service proposed in beta stage. The tool will also allow people outside the country to make Fiat payments for their family’s purchases in the country and will serve as an alternative to remittances.
Leonardo Galindez, CEO of the exchange, said,:
With this tool, we are trying to make people’s lives easier. For example, if a relative in Spain opens a CoinCoinX account and has funds in tether or bitcoin, they will be able to make pago movil instantly.
Image credits: Shutterstock, Pixabay, Wiki Commons